07:05 AM EDT, 08/15/2025 (MT Newswires) -- Exxon Mobil ( XOM ) and Chevron ( CVX ) are close to agreeing on a deal with the Algerian government to explore gas reserves, including shale, Bloomberg reported Friday, citing an interview with the North African country's energy regulator chairman.

While the technical details have largely been agreed upon, financial and commercial aspects of the deal are still being discussed and will be finalized soon, said Alnaft's chairman, Samir Bekhti, according to Bloomberg.

"Algeria holds a world class petroleum system with the potential for significant oil and gas resources... We are excited by the prospective synergies and relationship we could create in Algeria," Chevron ( CVX ) told Bloomberg.

Exxon Mobil ( XOM ) and Chevron ( CVX ) did not immediately respond to requests for comment from MT Newswires.

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