The agreement was signed in the presence of Sonatrach CEO Rachid Hachichi and Chevron's Vice President of Global Exploration Liz Schwarze, Sonatrach said in a statement.
The agreement constitutes a platform for discussion on the development of hydrocarbon resources in the two basins, with an emphasis on operational efficiency, cutting-edge techniques as well as the best practices of environment preservation and sustainability, according to the statement.
During the signing ceremony, Hachichi said that the agreement "paves the way for promising prospects in the development of the national mining sector and reflects our shared ambition to develop our country's hydrocarbon resources responsibly and sustainably."
For her part, Schwarze said Chevron is excited by the prospective synergies and partnership with Sonatrach, describing the agreement as "an important milestone" and a step towards collaboration to develop hydrocarbon resources in Algeria.
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