Exxon Mobil and Shell are set to sign partnership agreements with Algerian state-owned Sonatrach, as the company aims to boost foreign investment in shale gas exploration, according to Sonatrach chief executive Abdelhamid Zerguine
A recent study conducted by the Algerian company revealed that the country is home to approximately 17 trillion cubic metres of recoverable shale gas that is yet to be developed.
The planned agreements with Netherlands-based Shell and US Exxon are in line with Algeria’s aim to amend its hydrocarbons law and attract greater foreign investment in order to help exploit its untapped reserves of unconventional fuel.
The outlined partnerships are based closely on the cooperation agreement signed in April last year between Sonatrach and the Italian oil company Eni.
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Algeria to increase oil and gas investment by US$12 billion
