Exxon Mobil (NYSE:XOM) said Wednesday it is in talks with Algeria’s state-owned oil company Sonatrach about oil and gas exploration opportunities, in the country where the company does not yet have an upstream foothold.
An Exxon (XOM) delegation discussed the planned deal with Algeria’s Energy and Mines Minister Mohamed Arkab in the capital Algiers on Tuesday, the Arabic language daily Elkhabar reported, citing a Ministry statement.
Arkab said earlier this week that a deal is expected to be reached in the coming days.
Algeria currently produces ~1M bbl/day of oil and 106B cm/year of natural gas, according to figures released by Sonatrach.
The country is actively seeking U.S. companies to invest in its energy sector, and has welcomed a deal with Occidental Petroleum.