Algeria’s Minister of State, Minister of Hydrocarbons and Mines, Mohamed Arkab, received Sheikh Abdellah bin Mohammed bin Abdullah Al-Eiban, Chairman and CEO of Medad Energy – North Africa, a subsidiary of Saudi Arabia’s Medad Energy, at the ministry headquarters on Sunday. The meeting, which included the presence of Sonatrach CEO, Noureddine Daoudi, and senior ministry officials, focused on bolstering bilateral relations and exploring future cooperation between Sonatrach and Medad Energy in the hydrocarbons sector.
The primary focus was the advancement of the previously signed production-sharing contract concerning exploration and exploitation operations in the “Illizi South” contractual area within the Illizi Basin. Both parties reviewed the progress of ongoing consultations aimed at establishing a joint roadmap to ensure the contract’s timely and compliant implementation.
Discussions also encompassed new partnership and investment opportunities across the entire oil and gas value chain. This includes the development of strategic projects designed to foster the exchange of expertise, knowledge transfer, and the development of human capital 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 promoting an economic partnership based on mutual benefit and aligned with the energy vision of both countries. He stressed the potential for enhanced collaboration to drive growth and innovation in the sector.
Sheikh Abdellah bin Mohammed bin Abdullah Al-Eiban reaffirmed Medad Energy’s commitment to expanding its investment footprint in Algeria, citing the promising potential of the hydrocarbons sector. He reiterated the company’s dedication to strengthening its strategic collaboration with Sonatrach and accelerating the implementation of joint projects, while adopting cutting-edge technologies in the oil and gas industry for the mutual benefit of both parties.
It is worth recalling that Sonatrach and Medad Energy – North Africa signed a production-sharing contract last October for the “Illizi South” contractual area, under the provisions of Law 19-13 related to hydrocarbons. The contract stipulates a 30-year implementation period, subject to extension, with a total investment exceeding $5.4 billion, fully funded by Medad Energy.
