Executives at the Texas-based energy giant paid a visit to Sonatrach's offices in Algiers amid political turmoil resulting from the resignation of President Abdelaziz Bouteflika last week. The visit also came on the heels of Exxon's planned $33 billion acquisition of Anadarko Petroleum (APC).
"Chevron is a big company and we are happy to have it here with us in Algeria as it will bring know-how and expertise," Sonatrach CEO Abdelmoumen Ould Kaddour told Reuters.
Algeria's oil production is estimated at around 1 million barrels per day. The country also produces 135 billion cubic metres of gas per year, Reuters said, citing data from Sonatrach.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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