Energy major Chevron has entered into a Memorandum of Understanding (MOU) with Algeria's national oil company Sonatrach for the development of hydrocarbon resources in the gas-rich Ahnet and Berkine basins. This strategic agreement aims to explore and develop areas of identified interest within the two basins, focusing on enhancing operational efficiency and leveraging advanced technologies to ensure environmental preservation and sustainability.

Sonatrach CEO Rachid Hachichi emphasized the significance of this partnership, stating, "This signature allows us to glimpse promising horizons for the development of the national mining sector." He noted that the deal underscores the companies' shared vision of developing Algeria's oil and gas resources in a responsible and sustainable manner.

For Chevron, the agreement opens access to highly promising assets with substantial potential. Liz Schwarze, Vice President of International Exploration at Chevron, expressed optimism about the collaboration, saying, "Algeria has a world-class petroleum system with the potential for significant oil and gas resources. Given Chevron's recognized capabilities and proven experience in the development of all forms of oil and gas, we are enthusiastic about the potential for synergies and partnerships that we can create with Sonatrach."

This partnership is expected to drive forward Algeria's hydrocarbon sector, capitalizing on the strengths of both companies to unlock new opportunities in the energy industry. The MOU marks a significant step towards bolstering Algeria's position as a key player in the global energy market, while also highlighting the commitment to sustainability and environmental stewardship in resource development.

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