Chevron Seeks Deal With Algeria Amid Russian Sanctions

Chevron ($CVX@US) is seeking an energy exploration deal with Algeria, as the North African country is poised to replace sanctioned Russian supplies. Chevron, the world’s second-largest Western oil company by market capitalization, signed a memorandum of understanding with state-run company Sonatrach to investigate natural-gas opportunities. Over the past two months, Chevron has sent representatives in government relations, security, and business development to Algiers. The company has hired consultants to assess the country’s shale and non-shale gas resources.