The American oil company Chevron resumed cooperation negotiations with Algeria. It has been reported Wall Street Journal (WSJ) with reference to sources.
In 2020, a US company signed a cooperation agreement with local state-owned Sonatrach. Chevron will invest in an African country in exchange for an agreement to explore energy resources in the country.
The company has hired consultants to assess shale and non-shale gas reserves in Algeria. It is reported that Algeria ranks third in the world in terms of recoverable shale resources. Resource development is important to Chevron as it replaces the share of Russian gas in European consumption.
It was previously reported that the embargo on the supply of Russian petroleum products and the ceiling price application for third countries came into effect on February 5. won’t touch Petroleum products produced from Russian oil abroad follow the statements of the European Commission. In addition, the ceiling price will not affect the products obtained by mixing Russian origin petroleum products and non-Russian petroleum products.