According to news outlet Algerie Part, reports have emerged of an imminent comeback of ExxonMobil.
The US oil giant, ExxonMobil, will sign on March 8th the agreement that will seal its comeback to Algeria. This is an agreement to be signed in Dallas between the managers of the American oil and gas giant, whose turnover exceeds $430 billion per year, and the CEO of the Agency National Hydrocarbon Resources Development Authority, Arezki Hocini, and Sonatrach CEO Abdelmoumen Ould Kaddour.
The two will lead a large Algerian delegation that will travel to ExxonMobil’s headquarters in Dallas, Texas, during which the agreement will be finalised.
ExxonMobil’s comeback intervenes in the middle of the electoral campaign for the presidential election of April 18th. The recent meeting between Messahel and Mike Pompeo as well as the trip undertaken by Ali Heddad to the U.S, point towards the Algerian authorities seeking to gain international support for a fifth Bouteflika term.
In addition, this comeback is highly likely to enable the launch of shale gas exploration in Algeria. Shale gas has been criticised by environment experts across the world for its negative impact on humans and the environment.
With one of the world’s largest reserves of shale gas reserves, Algeria wants to develop the sector by using the expertise of companies such as ExxonMobil. A strategy deployed in a context marked by the country’s fierce desire to attract more FDIs, at a time when its oil and gas production is stagnating.