Reported 17 days ago
Algerian state-owned oil company Sonatrach and Saudi Arabia's Midad Energy have signed a $5.4 billion production-sharing contract focused on oil and gas exploration in the Illizi Basin. The 30-year agreement, which can be extended by ten years, includes a seven-year exploration phase and aims to produce 993 million barrels of oil equivalent. The project will employ advanced technology to comply with environmental regulations and supports Algeria's goal of enhancing its role as a global energy supplier.
Source: YAHOO