Algiers, October 14, 2025, SPA -- Saudi Ambassador to Algeria Abdullah bin Nasser Al-Busairi attended a ceremony in Algiers to sign a contract for the exploration and development of hydrocarbons in Algeria’s Illizi Basin between Saudi Arabia’s Midad Energy North Africa and Algeria’s Sonatrach. The investment under the contract is estimated at $5.4 billion, including $288 million allocated for exploration work, with Midad Energy financing 100% of the project. Total production by the end of the contract term is expected to reach about 993 million barrels of oil equivalent, including 125 billion cubic meters of natural gas.
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