Landmark 30-Year Energy Pact Signed in Algeria
Algeria's state energy firm Sonatrach and Saudi Arabia's Midad Energy have agreed on a $5.4 billion contract for oil and gas exploration in the Illizi Basin. The deal spans 30 years, with a seven-year exploration period and the option to extend another decade.
Algeria's leading energy firm, Sonatrach, has entered into a significant agreement with Saudi-based Midad Energy to explore and exploit oil and gas reserves in Algeria's Illizi Basin. This was reported by Ennahar TV on Monday.
The contract is valued at a staggering $5.4 billion and covers an extensive period of 30 years. Additionally, the contract offers an option to extend the collaboration for a further 10 years, ensuring a long-term partnership between the two energy giants.
The agreement includes a seven-year period dedicated to exploration, underscoring the commitment to uncovering new energy resources in the region and enhancing Algeria's standing in the global energy sector.
(With inputs from agencies.)
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