(Removes reference to Midad Energy being part of a holding company) Oct 13 (Reuters) – Algeria's state-owned energy company Sonatrach said on Monday it has signed a contract worth around $5.4 billion with Saudi Arabia's Midad Energy for oil and gas exploration and development in Algeria's Illizi Basin. The production-sharing contract spans 30 years with an option to extend for an additional 10 years and includes a seven-year exploration period. Midad Energy North Africa will fully fund the investment, including $288 million allocated to exploration. The Illizi South perimeter lies about 100 km (62 miles) south of the Algerian town of In Amenas, near the Libyan border. The deal was first announced by Ennahar TV. Sonatrach is Algeria's largest oil and gas producer and has been actively seeki

See Full Page