{"id":98447,"date":"2025-10-14T04:55:00","date_gmt":"2025-10-14T04:55:00","guid":{"rendered":"https:\/\/sotnews.agency\/?p=98447"},"modified":"2025-10-14T04:55:00","modified_gmt":"2025-10-14T04:55:00","slug":"algeria-signs-5-4bn-oil-and-gas-deal-with-saudi-firm-midad-energy","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=98447","title":{"rendered":"Algeria signs $5.4bn oil and gas deal with Saudi firm Midad Energy"},"content":{"rendered":"
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Algeria\u2019s state-owned energy company Sonatrach said on Monday it signed a contract worth around $5.4 billion with Saudi Arabia\u2019s Midad Energy for oil and gas exploration and development in Algeria\u2019s Illizi Basin.<\/p>\n

The production-sharing contract spans 30 years with an option to extend for an additional 10 years and includes a seven-year exploration period.<\/p>\n

Midad Energy North Africa will fully fund the investment, including $288 million allocated to exploration. The Illizi South perimeter lies about 100 km (62 miles) south of the Algerian town of In Amenas, near the Libyan border.<\/p>\n

The deal was first announced by Ennahar TV.<\/p>\n

Overall production by the end of the contractual period is estimated to reach around 993 million barrels of oil equivalent, including 125 billion cubic meters of natural gas, Saudi state news agency SPA reported later on Monday.<\/p>\n

Sonatrach is Algeria\u2019s largest oil and gas producer and has been actively seeking foreign partnerships to boost output and modernize infrastructure.<\/p>\n

The company has previously signed deals with international partners, including a recent $850 million\u00a0contract\u00a0with China\u2019s Sinopec for hydrocarbon development and exploration.<\/p>\n

Earlier this month, Algeria\u2019s energy minister said the country plans to\u00a0invest\u00a0$60 billion in its energy sector over the next five years, with a focus on upstream exploration and production.<\/p>\n

The North African nation, a member of the Organization of the Petroleum Exporting Countries, aims to strengthen its role as a key supplier of energy to international markets while meeting domestic demand and making a transition to more sustainable sources.<\/p>\n<\/div>\n

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\"AlgeriaAlgeria’s state-owned energy company Sonatrach said on Monday it 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.<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1972,2987,10441,10,9],"tags":[],"class_list":["post-98447","post","type-post","status-publish","format-standard","hentry","category-africa","category-algeria","category-midad-energy","category-politics","category-popular"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/98447","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=98447"}],"version-history":[{"count":0,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/98447\/revisions"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=98447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=98447"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=98447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}