Algeria in Talks with Exxon, Shell for Shale Gas Partnership

Algeria’s state owned energy company Sonatrach has started talks with Royal Dutch Shell and ExxonMobil on shale gas exploration in the country.

Various media reports have said that the partnership will similar to what the country signed with foreign firms like Italy's Eni and Canada's Talisman Energy.

Studies have indicated that Algeria may hold large reserves of shale gas. Government estimates country’s shale reserves to be around 600 trillion cubic feet. The country is also working on attracting foreign firms to full develop this unconventional energy source.

Earlier this year, Sonatrach revealed plans to invest almost $80 billion over the next five years to develop the oil and gas sector.