Saudi Arabia and Algeria topped the list of countries finalizing billion-dollar gas contracts in October, an energy news website has reported. 

Last month, the Algerian state-owned Sonatrach signed a $5.4 billion contract with Saudi Madad for hydrocarbon exploration and exploitation in the Illizi concession area. 

The Saudi partner will finance 100% of the exploration and development operations over a period of seven years. 

By the end of the contract period, both countries aim to reach production of 993 million barrels of oil equivalent, which includes 125 billion cubic meters of marketable gas and 204 million barrels of liquid hydrocarbons, comprising 103 million barrels of liquefied petroleum gas (LPG) and 101 million barrels of condensate.

During the same period, the Saudi Public Investment Fund also signed one of its largest deals, valued at $11 billion, with UAE's Mubadala Investment Company, Singapore's GIC, and the Arab Energy Fund to develop the Jafurah field. 

The field is the largest non-associated Saudi gas project, with estimated reserves of 229 trillion cubic feet, making it a strategic hub within Aramco's plan to increase gas production by 60 percent by 2030. 

Other significant deals in the region include those signed by Qatar with India, Egypt with the liquefaction of gas from the Cypriot Kronos field, and Iraq with the US-based Excelerate Energy.

(Writing by N Saeed; Editing by Sona Nambiar)

(anoop.menon@lseg.com)

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