Midad Energy launches $5.4 billion oil and gas project in Algeria's Illizi South basin
via Algérie3603 min read
Saudi giant Midad Energy has officially launched its first venture into the Algerian market with a $5.4 billion production sharing project in the Illizi South basin, in partnership with Sonatrach. This significant investment is among the largest foreign contributions to Algeria's upstream oil and gas sector in recent years. The project aims to recover one billion barrels of oil equivalent over 30 years, strengthening cooperation between the two energy companies. The launch followed a high-level meeting at the Ministry of Hydrocarbons, where Minister Mohamed Arkab and Midad Energy North Africa executives reviewed the project timeline, emphasizing adherence to deadlines and international standards. The project will unfold in two phases: a seven-year evaluation and exploration phase, funded entirely by Midad Energy with $288 million for seismic studies and drilling over 13 appraisal wells; followed by a production phase involving a $5.1 billion investment for drilling approximately 60 additional wells and installing four compression units. Two units will have a capacity of 12 million cubic meters per day, and the other two 8 million cubic meters per day. Long-term projections estimate the extraction of 125 billion cubic meters of natural gas, 103 million barrels of LPG, and 101 million barrels of condensate over 30 years. Midad Energy has expressed interest in expanding its activities further along Algeria's oil and gas value chain, with both partners exploring new co-investment
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