Exxon eyes Algeria exploration

摘要

Algeria’s state-owned Sonatrach has signed a Memorandum of Understanding with US major ExxonMobil to initiate talks regarding exploration opportunities in Algeria. Algeria has been looking for foreign partners to boost output and exports, which have dropped in recent years due to heightened domestic demand and a low level of foreign investment. The latest oil price crash also prompted the government to slash public spending by 30%.