Details: The Kingdom and Algeria sign a contract to explore and exploit hydrocarbons
The Ambassador of the Custodian of the Two Holy Mosques attended Algeria Dr. Abdullah bin Nasser Al-Busairi, alongside the Minister of State and Fuels and Algerian mines, Mohamed Arkab, in the capital Algeria, the signing ceremony of a contract for hydrocarbon exploration and exploitation in the Algerian Illizi Basin between the Medad Energy Company of North Africa – Saudi Arabia – and the Sonatrach Oil Company – Algeria -.
The volume of investments within the framework of this contract is estimated at approximately 5.4 billion US dollars, of which $288 million is allocated for research work.
While the Medad Energy Company is responsible for financing the project by a percentage 100%.
The total production is expected to reach about 993 million barrels of oil equivalent by the end of the contractual period, including 125 billion cubic meters of natural gas.
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