US Edition
Algeria Secures $5.4 Billion Oil and Gas Deal with Saudi Midad Energy
The contract includes a seven-year exploration phase and targets boosting Algeria's gas exports to Europe amid shifting global supply dynamics, with $5.4 billion investment planned.
- On Monday, Algerian state oil and gas firm Sonatrach signed a $5.4 billion, 30-year production-sharing agreement with Saudi Arabian firm Midad Energy for the Illizi Basin in eastern Algeria.
- Algeria aims to boost exports and modernize through a $60 billion plan over the next five years, with Sonatrach seeking foreign partnerships to increase output and upgrade infrastructure.
- Midad Energy North Africa will fully fund the project, allocating $288 million to exploration and providing a seven-year exploration period with an option to extend contract by 10 years.
- Production is estimated at around 993 million barrels of oil equivalent, including 125 billion cubic meters of natural gas, and the project will trigger seismic studies and drilling campaigns.
- Amid declining output, the deal follows earlier contracts with Zhongman Petroleum and Natural Gas Group and Sinopec and will mark a milestone in Algeria’s energy modernization.
15 Articles
15 Articles
Saudi Midad Energy, Algeria’s Sonatrach ink $5.4bn hydrocarbon deal
JEDDAH: Saudi Arabia’s Midad Energy North Africa signed a $5.4 billion production-sharing contract with Algeria’s Sonatrach to explore and develop hydrocarbons in the Illizi Basin. The agreement was signed in Algiers in the presence of Saudi Ambassador Abdullah bin Nasser Al-Busairi and Algerian Minister of Energy and Mines Mohamed Arkab, the Saudi Press Agency reported. Under
Algeria signs $5.4 billion oil, gas deal with Saudi Midad Energy
Algeria's state-owned energy company Sonatrach said on Monday it has signed a contract worth around $5.4 billion with Saudi Arabia's Midad Energy for oil and gas exploration and development in Algeria's Illizi Basin. The production-sharing contract spans 30 years with an option to extend for an additional 10 years and includes a seven-year exploration period. Midad Energy North Africa will fully fund the investment, including $288 million alloca…
Algeria Secures $5.4 Billion Oil and Gas Deal with Saudi Midad Energy
Algerian state oil and gas firm Sonatrach has signed a $5.4-billion exploration and production agreement with Saudi Arabian firm Midad Energy, Algerian news outlet Ennahar TV reported on Monday, citing a statement from Sonatrach. The 30-year contract in the form of a production sharing agreement is for exploration and production in the Illizi Basin in eastern Algeria. The contract can be extended by another 10 years. The deal between Sonatrach…
Algeria strengthens its position in the energy sector through a major agreement between Sonatrach and Saudi society Midad Energy North Africa. The contract, signed on 13 October 2025 in Algiers, covers $5.4 billion to explore and develop the petro-gas basin of Illizi, in the south-east of the country, near the Libyan border. The contract spreads over 30 years, with a 10-year extension option. The seven-year exploration phase will be entirely fun…
Coverage Details
Bias Distribution
- 40% of the sources are Center, 40% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
