Midad Energy, Sonatrach Sign $5.4 Billion Illizi Basin Exploration and Development Deal

Saudi Ambassador to Algeria Abdullah bin Nasser Al-Busairi attended a ceremony in Algiers to sign a contract for the exploration and development of hydrocarbons in Algeria’s Illizi Basin between Saudi Arabia’s Midad Energy North Africa and Algeria’s Sonatrach.

 The investment under the contract is estimated at $5.4 billion, including $288 million allocated for exploration work, with Midad Energy financing 100% of the project.

 Total production by the end of the contract term is expected to reach about 993 million barrels of oil equivalent, including 125 billion cubic meters of natural gas.