Sonatrach signe un contrat avec la société saoudienne Midad Energy

Sonatrach signs a contract with the Saudi company Midad Energy

For an amount of 5.4 billion dollars

The Sonatrach group signed, yesterday Monday in Algiers, a contract in the field of hydrocarbons in the form of production sharing with the Saudi company Midad Energy – North Africa, for a total investment estimated at $5.4 billion.
The contract extends for a period of 30 years, extendable for an additional ten years. It includes a seven-year research phase, during which the Saudi company will take charge, up to 100%, of the financing of the exploration and exploitation phases, according to the explanations provided during the signing ceremony held at the headquarters of the general management of the public group. This contract concerns the exploration and exploitation of hydrocarbons in the Illizi-Sud contractual area, located in the Illizi basin. At the end of the contractual period, expected overall production is estimated at approximately 993 million barrels of oil equivalent, including 125 billion m3 of natural gas intended for marketing and 204 million barrels of liquid hydrocarbons, divided between 103 million barrels of liquefied petroleum gas and 101 million barrels of condensates.
RN