12:47 PM EDT, 08/15/2025 (MT Newswires) -- (Updates with Exxon Mobil's ( XOM ) response and additional details in paragraphs 4 and 5)

Exxon Mobil ( XOM ) and Chevron ( CVX ) are close to agreeing on a deal with the Algerian government to explore for 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.

In an emailed statement to MT Newswires, an Exxon Mobil ( XOM ) spokesperson said, "Consistent with the HOA we signed in May 2024, we continue to work with Sonatrach to unlock Algeria's unconventional resources."

Algeria's state-owned oil company Sonatrach signed an agreement with Exxon Mobil ( XOM ) in May 2024 to develop two major gas fields in Algeria's Ahnet and Gourara basins.

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

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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