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Wednesday, April 17, 2019
With the purchase of Anadarko Petroleum, Chevron gained access to the company’s holdings in Algeria. According to reports, the firm is wasting no time in discussing its new holdings there with the Algerian state energy firm Sonatrach.
A Reuters report revealed the US firm would be in Algiers to discuss shale gas and oil production with Sonatrach next week.
Sonatrach’s CEO, Abdelmoumen Ould Kaddour told Reuters, “Chevron is a big company and we are happy to have it here with us in Algeria as it will bring know-how and expertise.”
On April 12, Chevron announced it would buy Anadarko for $33 billion (the total enterprise value of the transaction is $50 billion). Anadarko is the biggest foreign firm in terms of oil output in Algeria with an estimated 260,000 bpd.
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