Algiers: Saudi Ambassador to Algeria Abdullah bin Nasser Al-Busairi attended a ceremony in the Algerian capital to witness the signing of a significant contract between Saudi Arabia's Midad Energy North Africa and Algeria's Sonatrach. The agreement focuses on the exploration and development of hydrocarbons in Algeria's Illizi Basin.
According to Saudi Press Agency, the investment under this contract is estimated at $5.4 billion. This includes an allocation of $288 million specifically for exploration work, with Midad Energy committed to financing the entirety of the project.
The partnership aims for a substantial output, with total production expected to reach approximately 993 million barrels of oil equivalent by the end of the contract term. This figure includes a significant contribution of 125 billion cubic meters of natural gas.