Sonatrach and Midad Energy Ink $5.4 Billion Deal for Illizi Basin Development

Algeria’s state-owned energy giant Sonatrach has signed a $5.4 billion production-sharing agreement with Saudi Arabia’s Midad Energy North Africa to explore and develop hydrocarbons in the Illizi South perimeter, located roughly 100 kilometers south of In Amenas, near the Libyan border. The deal, signed today at Sonatrach’s headquarters in Algiers, was attended by Algerian Energy Minister Mohamed Arkab, Saudi Ambassador Abdullah Al-Busairi, and senior officials from ALNAFT and the Hydrocarbon Regulatory A ...