Accord entre Sonatrach et ExxonMobil – Le Jeune Indépendant

Sonatrach and ExxonMobil have just reached a new milestone in bilateral cooperation. The Algerian group and the American company signed a memorandum of understanding relating to the development, in partnership, of hydrocarbon resources in Algeria.

Signed by Sonatrach’s vice-president in charge of business development and marketing, Ferhat Ounoughi, and ExxonMobil’s vice-president exploration & new opportunities, John Ardill, under the chairmanship of the group’s CEO, Rachid Hachichi, this memorandum of understanding will enable partners to study existing opportunities to develop hydrocarbon resources in the Ahnet basin and the Gourara basin, while emphasizing operational excellence, technological innovation , respect for the environment and best sustainability practices.

Both parties expressed their satisfaction and their desire to strengthen bilateral cooperation. The CEO of Sonatrach, Rachid Hachichi, considered that the memorandum of understanding signed between the two companies was “historic and should make it possible to develop mutually beneficial cooperation throughout the value chain of the hydrocarbon industry in Algeria.”

“The signing of this historic protocol with our partner ExxonMobil, with the aim of developing mutually beneficial cooperation throughout the value chain of the hydrocarbon industry in Algeria, particularly in the areas of exploration and production, will allow us to take a big step in terms of recovery and valorization of our energy resources, which will allow our country to begin a new stage of sustainable development,” declared Mr. Hachichi during the signing ceremony.

According to Mr. Hachichi, this memorandum of understanding “does not only constitute a common desire to develop a serious and privileged partnership, but also aims to realize a common vision between Sonatrach and ExxonMobil, which will allow both parties to examine the ways and means of exploiting the enormous potential in energy resources in Algeria.

Sonatrach tends, through this win-win partnership, to benefit from the pioneering experience of the American company and its technological capabilities in the field of oil and gas, added the same official, noting that the signing of this protocol is is part of the vision adopted for the development of the energy industry. She welcomed “the interest shown by the American company ExxonMobil in investment in Algeria”, stressing that the decision of the American company to sign this protocol “testifies to its prospecting of the great potential of the Algerian mining sector, and reflects the trust Sonatrach enjoys as a reliable partner, capable of developing a beneficial and fruitful partnership.”

Furthermore, he reiterated “Algeria’s determination, under the leadership of the President of the Republic, Mr. Abdelmadjid Tebboune, to intensify investment programs and take advantage of beneficial partnerships, in order to further strengthen the rates of economic growth and diversify the economy with a view to achieving social prosperity.

Algeria, attractive destination for investment

For his part, ExxonMobil’s vice-president in charge of exploration and new opportunities, John Ardill, indicated that “the memorandum of understanding signed, after more than two years of preparation and consultation between the two parties, constitutes an important first step in creating a partnership that will contribute to further unlocking the development potential of Algeria’s energy resources.

Mr. Ardill did not fail to salute the “historic role of Algeria in the field of development and marketing of hydrocarbons”, highlighting the role of Sonatrach as a pioneer company in the export of natural gas. liquefied gas (LNG) to the whole world since 1964.

After presenting ExxonMobil’s experience, expertise and technological capabilities in hydrocarbon development, Mr. Ardill indicated that the signing of this protocol “establishes the foundations and the appropriate framework for a solid partnership between two parties to unlock the hydrocarbon potential in Algeria, which constitutes an attractive destination for investments in the oil and gas sector.

In the same vein, the official affirmed ExxonMobil’s commitment to “work together with Sonatrach to transfer expertise and contribute to strengthening Algeria’s place as a global energy power.”

For his part, the vice-president of Sonatrach, in charge of business development and marketing, Ferhat Ounoughi, revealed that the conclusion of this memorandum of understanding with the American company was the fruit of the efforts made by both parties to meet the challenges and identify future opportunities in order to achieve common objectives in the field of hydrocarbons. He said he was optimistic about achieving “a great success within the framework of a solid partnership between Sonatrach and ExxonMobil”.