Oil Giants Attracted by an Emerging Shale Oil Producer

The energy industry in Algeria is open. This is the message from the head of the country’s state-owned oil and gas company to oil giants such as Exxon Mobil and Chevron. Algeria hopes to attract more foreign investment to help it exploit its abundant shale reserves. Sonatrach CEO Abdelmoumen Ould Kaddour said that Sonatrach met with Exxon for the first time in January to discuss establishing a new partnership. Since then, the two companies have sat down four times. Ould hopes to finalize the details in time and announce an agreement before the end of the year.