Algeria: Chevron joins forces with Sonatrach

US oil and gas number two, Chevron, has signed a memorandum of understanding with Algeria’s state-owned hydrocarbon giant Sonatrach to engage in joint discussions on partnership opportunities in the hydrocarbon industry. The agreement, concluded on 12 March and made public this week, comes shortly after the adoption of a new petroleum code, which aims to relax and simplify the sector’s legal and fiscal regime. A development that suggests that the Algerian authorities’ efforts to attract foreign investors may finally be paying off. The local media have also reported in recent days that other major players in the sector, such as Exxon Mobil, are currently in talks with Algiers.