The agreement lays out areas of common interest in hydrocarbons exploration and production, with extensions for transportation, downstream activities and the provision of associated services along the energy value chain.
Algeria’s Sonatrach and Saudi oil and gas investor and operator Midad Energy North Africa have signed a USD 5.4-billion hydrocarbons production-sharing contract for the Illizi South perimeter, Sonatrach announced on Monday.
The Saudi company, through its Netherlands-based subsidiary Midad Energy North Africa BV, agreed to shoulder the full exploration and development cost. That is expected to be $5.4 billion, including $288 million for exploration, Sonatrach said in a statement on its website.
Algeria has some of Africa’s largest overall oil and gas reserves, but production had long been held back by mismanagement and lack of investments – an issue authorities sought to tackle with new legislation that was approved in 2019. Then came the Russian invasion of Ukraine, which left Europe struggling to find alternative gas supplies and Algiers poised to fill the gap.
TotalEnergies, jointly with QatarEnergy, has been awarded the Ahara license following the “Algeria Bid Round 2024,” launched by The National Agency for the Valorization of Hydrocarbon Resources (ALNAFT), the first call for tender conducted under the hydrocarbon law No.19-13.
Sonatrach and Sinopec International Energy Investment (HK) Holding have signed a hydrocarbons PSC worth USD 850 million for exploration and development in Algeria, the Algerian NOC announced.
Oil rose the most in more than two weeks as the US imposed more sanctions targeting Iranian crude and OPEC+ made progress on a deal to keep output off the market.
Three compression stations will be built at the field, coming on line between October 2026 and April 2027. The project is designed to conduct an overall upgrade to the field’s gas gathering and processing network.
On May 23, 2024, SONATRACH and the U.S.-based company ExxonMobil finalized a Memorandum of Understanding at SONATRACH’s General Management headquarters. Present at the signing were Mr. Rachid HACHICHI, President and CEO of SONATRACH, and Mr. John ARDILL, Vice President of Exploration & New Opportunities at ExxonMobil.
TotalEnergies and SONATRACH have signed a Memorandum of Understanding to conclude an oil and gas contract in the north-east Timimoun region, under the aegis of Law n°19-13 governing oil and gas activities.