Algiers, Algeria – Minister of State, Minister of Hydrocarbons and Mines, Mohamed Arkab, received Sheikh Abd El Ilah Bin Mohammed Bin Abdullah Al-Eiban, Chairman and CEO of Saudi Arabia’s Medad Energy-North Africa, in Algiers on Sunday to discuss avenues for enhanced bilateral cooperation in the energy sector.
The meeting, held at the Ministry headquarters, also included the presence of the CEO of Sonatrach, Toufik Hakkar, and senior ministry officials. Discussions centered on the current state of relations and future cooperation prospects between Sonatrach and Medad Energy, particularly following the signing of a hydrocarbon contract based on production sharing. This contract pertains to exploration and exploitation activities within the “Illizi South” contractual perimeter located in the Illizi Basin.
Both parties reviewed the progress of consultations aimed at establishing a joint roadmap to ensure the contract’s timely implementation according to agreed-upon work standards. The discussions also encompassed new partnership and investment opportunities across the entire value chain of the oil and gas industry. This includes the development of strategic projects designed to promote knowledge exchange, technology transfer, and human capacity building in exploration and production, both within Algeria and abroad.
Minister Arkab emphasized the strong fraternal ties between Algeria and Saudi Arabia, highlighting the importance of fostering an economic partnership based on mutual interests that serves the energy vision of both nations.
Sheikh Abd El Ilah Bin Mohammed Bin Abdullah Al-Eiban expressed Medad Energy’s keen interest in strengthening its investment presence in Algeria, citing the promising opportunities within the hydrocarbon sector. He reaffirmed the company’s commitment to developing its strategic cooperation with Sonatrach and accelerating the pace of joint projects, leveraging the latest technologies in the oil and gas industry for mutual benefit.
Sonatrach and Medad Energy-North Africa signed a hydrocarbon contract based on production sharing for the “Illizi South” contractual perimeter last October.
