11:55 - 14.10.2025

---

October 14, Fineko/abc.az. Algerian state-owned company Sonatrach has signed a $5.4 bn contract with Saudi Midad Energy for exploration and development of hydrocarbon deposits in the Illizi basin.

ABC.AZ informs, referring to Reuters, that the production sharing contract is designed for 30 years with the possibility of extension for another 10 years.

Midad Energy North Africa will fully finance the investments, including $288 million allocated for exploration.

The southern perimeter of Illizi is located about 100 km south of the Algerian city of In Amenas, near the border with Libya.

Sonatrach has previously signed agreements with international partners, including a recent $850 million hydrocarbon development and exploration contract with China's Sinopec.

Algerian authorities have reported that the country is going to invest $60 bn in its energy sector over the next five years, focusing on exploration and production of minerals.