Algeria is the third largest country in terms of extractable reserves, while Libya and Egypt seek to exploit massive resources, especially in the Western Desert, according to the “Energy” platform. Algeria is close to finalizing a massive deal with American companies “ExxonMobil” and “Chevron,” targeting approximately 707 trillion cubic feet, according to U.S. Energy Information Administration data. The expected investment value of the deal is about one billion dollars, with a direction to grant it directly to the American companies to ensure expertise and funding.
In Libya, the National Oil Corporation entered into discussions with the American company “Chevron” in London, to explore cooperation opportunities within plans aimed at raising crude oil production to two million barrels per day and increasing gas exports. These resources are concentrated in three main basins: Ghadames, Sirte, and Murzuq, according to Libyan gas sector data on the Energy platform. Chevron representatives affirmed their serious interest in returning to the Libyan market after an absence of more than a decade, as the company advanced among 37 international entities to participate in the first oil and gas exploration tender in decades.
Egypt is considered a significant player, as U.S. Energy Agency data indicates it possesses 536 trillion cubic feet, of which 99 trillion cubic feet are technically extractable, mostly in the Western Desert. The CEO, John Christmann, confirmed that Egypt has become a strategic market, as the company exceeded gas production expectations and raised its forecasts for the second half of this year. In the same context, “Chiron Energy” plans to bring in an advanced hydraulic rig to start operations in Egypt, enhancing the opportunities to exploit shale gas reserves, which will contribute to reducing costs and minimizing environmental impact.
