Midad Energy

Midad Energy, also known in Arabic as مداد للطاقة, is a Saudi energy investor and operator headquartered in Riyadh. The company works across the oil and gas value chain, with activities described as including exploration, field development, production, and strategic energy investment. Available reference material presents Midad Energy as an independent company rather than a brand belonging to a larger holding group or diversified corporate conglomerate. The company’s documented international activity has centered on Algeria. On 4 March 2024, Midad Energy entered into an agreement with Sonatrach, Algeria’s state-owned national oil company, to evaluate and develop gas fields in Illizi Province in southeastern Algeria. The arrangement used a production-sharing framework and was intended to support further hydrocarbon development and investment in the region. The agreement positioned Midad Energy as an external investment partner in Algeria’s upstream gas sector, where new exploration and development are linked to efforts to expand national gas reserves and production capacity. Reference material also records a later Sonatrach contract announced in October 2025 for exploration and development in the Illizi Basin in southern Algeria. The reported contract value was approximately $5.4 billion, with a stated term of 30 years and a target of about 933 million barrels of oil equivalent. Approximately $288 million was identified for exploration activity. The project area was described as being roughly 100 kilometres south of In Amenas and close to Algeria’s border with Libya. Because these details relate to a long-term development agreement, they describe an intended investment and production program rather than evidence that the full production target or investment had already been realized. Midad Energy was also reported in December 2025 as one of several bidders for the international assets of Russian oil company Lukoil. Other named bidders included ExxonMobil, Chevron, and The Carlyle Group. The assets, reportedly valued at approximately $22 billion, included oilfields, refineries, and fuel stations outside Russia and were subject to Western sanctions and regulatory constraints. In February 2026, Midad Energy was reported to have signed a preliminary agreement with Lukoil concerning the acquisition of those international assets. The reported arrangement included depositing the cash offer into an escrow account while required regulatory approvals were sought, including approval from the United States Department of the Treasury. The company is led by Abdulelah bin Mohammed Al-Aiban, identified in the available material as both chairman and chief executive officer. Publicly available information supplied for this entry does not establish a founding year, a detailed product portfolio, a stock-market listing, a corporate website, or a broader executive roster. Its known profile is therefore primarily that of an upstream-oriented energy investment and operating company pursuing large-scale international oil and gas opportunities.

Midad Energy is a Riyadh-based Saudi energy investor and operator. Public reference material does not identify a founding year or provide a detailed account of the company’s early formation. Its documented business model spans exploration, development, production, and strategic investment across the oil and gas value chain. The company is described as operating independently and not as part of a larger holding group or corporate conglomerate. The company’s first clearly documented international initiative in the supplied material involved Algeria. On 4 March 2024, Midad Energy signed an agreement with Sonatrach, Algeria’s national state-owned oil company, to evaluate and develop gas fields in Illizi Province in southeastern Algeria. The agreement followed a production-sharing model. Its stated purpose was to support investment in hydrocarbon development and contribute to efforts to increase Algeria’s gas reserves. The arrangement marked Midad Energy’s entry into a major upstream partnership outside Saudi Arabia. A further Sonatrach agreement was reported in October 2025. This contract concerned oil and gas exploration and development in the Illizi Basin in southern Algeria, in an area approximately 100 kilometres south of In Amenas and near the Libyan border. The reported value was approximately $5.4 billion. The agreement was described as lasting 30 years and targeting production equivalent to approximately 933 million barrels of oil. About $288 million of the reported investment was allocated to exploration. These figures represent the announced scope and targets of the project; the available material does not establish the eventual production outcome or completion of the planned investment. Midad Energy’s reported activity later expanded into a potential international acquisition. In December 2025, the company was named among bidders for the international assets of Lukoil, Russia’s second-largest oil producer. The assets were described as being outside Russia and subject to Western sanctions. Their reported value was approximately $22 billion, and the portfolio included oilfields, refineries, and a large network of fuel stations. ExxonMobil, Chevron, and The Carlyle Group were also identified as participants in the bidding process. In February 2026, Midad Energy was reported to have signed a preliminary agreement with Lukoil for the acquisition of its international assets. The reported transaction structure included placing the cash offer in an escrow account while the parties sought required regulatory clearances. Approval from the United States Department of the Treasury was specifically identified as necessary because of restrictions affecting Russian assets. The available information does not confirm that the acquisition was completed. Midad Energy’s leadership is associated with Abdulelah bin Mohammed Al-Aiban, who is identified as chairman and chief executive officer. Beyond this leadership information and the company’s Algerian and Lukoil-related activities, the supplied sources provide limited detail about its domestic Saudi operations, workforce, financial performance, product brands, or operating subsidiaries.

• 2026

  Preliminary Lukoil asset acquisition agreement

  [1]Midad Energyen.wikipedia.org

  Midad Energy was reported to sign a preliminary agreement with Lukoil, with completion conditioned on regulatory approvals and an escrow arrangement.

• 2025

  Illizi Basin exploration and development contract

  [1]Midad Energyen.wikipedia.org

  Midad Energy was reported to sign a 30-year Sonatrach contract valued at approximately $5.4 billion for oil and gas exploration and development in the Illizi Basin.

• 2025

  Bid for Lukoil’s international assets

  [1]Midad Energyen.wikipedia.org

  The company was reported to submit a bid for Lukoil’s international assets, which were subject to Western sanctions and regulatory restrictions.

• 2024

  Sonatrach gas-field evaluation agreement

  [1]Midad Energyen.wikipedia.org

  Midad Energy signed a production-sharing agreement with Sonatrach to evaluate and develop gas fields in Algeria’s Illizi Province.

An independent Saudi energy investor-operator focused on upstream oil and gas development and international strategic energy opportunities.

• Upstream energy services and investments

  Oil and gas exploration

  Midad Energy’s documented activities include financing and participating in exploration programs intended to identify and appraise oil and gas resources. Exploration was a defined component of the company’s reported Sonatrach arrangements in Algeria, including a specifically reported allocation of approximately $288 million in the later Illizi Basin project.

• Upstream energy

  Hydrocarbon field development

  The company participates in the development of oil and gas fields, including project investment, production planning, and partnership structures such as production-sharing agreements. Its best-documented development activity concerns gas and oil prospects in Algeria’s Illizi Province and Illizi Basin.

• Upstream energy

  Oil and gas production

  Midad Energy is described as operating across the production segment of the oil and gas value chain. The available material identifies production targets in connection with its Algerian development agreements but does not provide confirmed current production volumes or a separate branded production portfolio.

• Energy investment

  Strategic energy investments

  In addition to direct upstream activity, Midad Energy pursues strategic energy investments. Its reported interest in acquiring Lukoil’s international oil, gas, refining, and retail assets illustrates an investment strategy extending beyond individual field development projects.

• 2026

  Preliminary agreement to acquire Lukoil’s international assetsM&A

  Background

  The proposed transaction involved assets affected by sanctions and therefore required regulatory review, including review by the United States Department of the Treasury.

  Action taken

  Midad Energy signed a preliminary agreement with Lukoil and agreed to place the cash offer into escrow pending the necessary approvals.

  Aftermath

  The available material does not confirm closing of the transaction or the final transfer of the assets.

  Source

• 2025

  Bid for Lukoil’s international assetsM&A

  Background

  Lukoil’s international assets were offered amid Western sanctions and regulatory restrictions affecting Russian energy assets.

  Action taken

  Midad Energy submitted a bid as part of a competitive process that also reportedly involved ExxonMobil, Chevron, and The Carlyle Group.

  Aftermath

  The bidding led to a reported preliminary agreement with Lukoil in 2026, but completion remained subject to regulatory approvals.

  Reported value of Lukoil international assets. (2025)

  • ExxonMobil — ExxonMobil was also reported to have submitted a bid; no further reaction is identified in the supplied material.
  • Chevron — Chevron was also reported to have submitted a bid; no further reaction is identified in the supplied material.
  • The Carlyle Group — The Carlyle Group was also reported to have submitted a bid; no further reaction is identified in the supplied material.

  Source

• 2024

  Pursuit of Algerian upstream gas developmentStrategy

  Background

  Midad Energy sought an international upstream role through a production-sharing arrangement with Sonatrach covering gas-field evaluation and development in Illizi Province.

  Action taken

  The company entered into an agreement with Sonatrach to finance and participate in evaluation and development activities.

  Aftermath

  The agreement established Midad Energy’s documented Algerian operating and investment presence. Later material described a broader Illizi Basin contract, but the ultimate project results are not established here.

  Source

1. 1Midad Energyen.wikipedia.org