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Sonatrach, Midad Energy sign $5.4bn contract for Algeria’s Illizi Basin
Yahoo Finance·2025-10-14 09:09

Algerian state-owned oil company Sonatrach and Saudi Arabia's Midad Energy North Africa have signed a production-sharing contract (PSC), worth around $5.4bn (AD704.08bn), focused on oil and gas exploration in Algeria's Illizi Basin. The agreement covers the Illizi South perimeter, located approximately 100km from the town of In Amenas, near the Libyan border. Signed under Algeria’s hydrocarbon law no. 19-13, the PSC has a 30-year span with an option for a ten-year extension and includes a seven-year expl ...