American Chevron is in talks with Algeria to explore for energy

The report, which was based on informed sources, added that Chevron sent representatives in government relations, security and business development to the capital, Algiers, and some of them met with Algerian officials in the past two months.

Chevron plans to spend $17 billion on energy projects this year.

Algeria’s energy sector faced a decline for years over the past decade due, among other things, to low oil prices, but it rebounded last year after the Russian-Ukrainian war and the issuance of a new law regulating investment.

Europe’s efforts to dispense with Russian gas gave Algeria a strong boost, as Algerian supplies now represent more than a quarter of gas demand in both Spain and Italy. State-owned Sonatrach is the third largest exporter to Europe after Russia and Norway.