Midad Energy

What Midad Energy does

Midad Energy, legally Midad National Energy Company, is an independent private Saudi energy company founded in 1994 and headquartered in Jeddah, with regional offices in Riyadh and Amsterdam (Midad Energy North Africa B.V.). The company operates across three integrated divisions: Upstream Oil & Gas (exploration, appraisal, and production of hydrocarbons), Energy Investments (equity participation and structured investments in strategic oil, gas, and infrastructure projects), and Midad Real Estate (urban development in Saudi Arabia). It serves national oil companies, government entities, and international energy partners through joint ventures, co-development arrangements, and direct equity investments, with active assets in Algeria (the $5.4 billion Illizi South Project with Sonatrach), Egypt, and Azerbaijan (participation in the Azeri-Chirag-Gunashli Field). Midad is led by President and CEO Abdulelah Mohammed Al Aiban and is privately held, with no parent company, public listing, or external investors disclosed.

The company employs 501–1,000 people and pursues a B2B enterprise field-sales motion targeting sovereign and state-owned counterparties rather than a distributed-customer model. Revenue is generated from upstream hydrocarbon production (sale of crude oil and natural gas), capital returns from strategic equity investments (dividends, appreciation, monetization), and real estate development through Midad Real Estate. Pricing is project-by-project and not publicly disclosed; deals are structured as joint ventures, production sharing agreements, or direct equity stakes. Distribution is direct: enterprise engagement with national oil companies for upstream projects, and channel partnerships for co-development with international energy companies and investment funds. Marketing reliance is minimal — a corporate website and LinkedIn presence rather than traditional demand-generation channels.

The most consequential strategic move is the January 2026 letter of intent to acquire all of Russian Lukoil's foreign assets, valued at approximately $22 billion, in a competitive bid that displaced a prior Carlyle Group agreement and is subject to U.S. Treasury approval following Lukoil's October 2025 sanctions designation. If completed, this transaction would be a step-change in scale, expanding Midad's footprint well beyond its current Middle East, North Africa, and Caspian base into Lukoil's international portfolio. The R&D and technology profile is conventional E&P technology; no AI/ML, digital platform, or software capabilities are disclosed.

Name

Midad Energy

Legal name

Midad National Energy Company

Website

https://midadenergy.com

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Midad Energy is an independent private Saudi energy company founded in 1994 that operates upstream oil and gas, energy investments, and real estate across the Middle East, North Africa, and Caspian region, serving national oil companies and government counterparties via joint ventures and equity participation.

Ownership category

akta.pro rank

Product category

Upstream Oil & Gas

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Crude Petroleum & Natural Gas (1311), Oil & Gas Field Services, Nec (1389), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Oil & Gas Facilities Asset Management (Refining/Terminals/LNG) (EUAEAMAG)

akta.pro secondary industries

Gas Pipeline & Midstream Asset Management (EUAEAMAF), Real Estate Development Asset Management (Project/Construction-to-Stabilization) (BPAJAMAL)

Keywords

• Upstream oil gas
• Energy investments
• Hydrocarbon exploration
• Oil and gas production
• Energy infrastructure

Headquarters

HQ city

Jeddah

HQ country

Saudi Arabia

HQ region

Middle East

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D

Revenue model

1. Upstream Oil & Gas Production: Exploration, appraisal, and production of hydrocarbons generating revenue through the sale of crude oil and natural gas produced from operated assets.
2. Energy Investments: Equity participation and structured investments in strategic oil, gas, and infrastructure projects, generating returns through dividends, capital appreciation, and asset monetization.
3. Real Estate Development: Urban development and real estate projects in Saudi Arabia through Midad Real Estate division, creating iconic destinations and generating revenue from property sales and development.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels2 records

Core offering

Midad Energy is an independent Saudi energy company that conducts upstream oil and gas exploration, appraisal, and production of hydrocarbons, makes strategic equity investments in oil, gas, and infrastructure projects, and through its Midad Real Estate subsidiary engages in real estate development in Saudi Arabia. Its operations span the Middle East, North Africa, and the Caspian region, with notable projects including the $5.4 billion Illizi South Project with Sonatrach in Algeria and offshore/onshore investments in Egypt and Azerbaijan.

Product overview

Midad Energy operates as an integrated private energy company with three main business divisions: Upstream Oil & Gas (covering exploration, appraisal, and production of hydrocarbons), Energy Investments (equity participation and structured investments in strategic oil, gas, and infrastructure projects), and Midad Real Estate (Saudi Arabian real estate development). The company is headquartered in Saudi Arabia with operations extending across the Middle East, North Africa, and the Caspian region, including major projects in Algeria ($5.4B Illizi South Project with Sonatrach), Egypt (offshore and onshore oil and gas investments), and Azerbaijan (participation in the Azeri-Chirag-Gunashli Field development). The three divisions work together to create a comprehensive, integrated approach to energy and investment, from early-stage development to production and long-term investment.

Differentiator

Problem solved

Functional benefit

Products and services

• Upstream Oil & Gas
• Energy Investments
• Midad Real Estate

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Three partnerships are on record, tiered flagship, minor and core.

• LukoilflagshipStrategic or Co-development Partner · 1 January 2026Midad Energy signed a letter of intent in late January 2026 to acquire all of Russian Lukoil's overseas assets, valued at approximately $22 billion. The deal involves placing purchase funds in escrow pending U.S. Treasury approval, navigating Western sanctions restrictions. Lukoil was hit with U.S. sanctions in October 2025.
• Carlyle GroupminorOthers · 1 January 2026The Carlyle Group, a U.S. private equity firm, was a rival bidder for Lukoil's foreign assets before Midad Energy intercepted the deal. Carlyle had a prior agreement that was superseded by Midad Energy's competing offer. This represents a competitive bidding situation rather than a formal partnership.
• SonatrachcoreStrategic or Co-development PartnerMidad Energy partners with Sonatrach, Algeria's national oil company, on the $5.4 billion Illizi South Project. This represents a significant strategic collaboration for oil and gas development in Algeria, one of Africa's largest energy producers.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• ENI: Italian integrated energy major with strong presence in North Africa, Egypt, and other MENA/Caspian-adjacent geographies where Midad operates. Comparable regional upstream portfolio and JV-driven model.
• Saudi Aramco: Saudi Arabia's national oil company and the regional benchmark for integrated upstream operations. Comparable because it shares Midad's Saudi base, upstream focus, and partnerships with international NOCs, but vastly larger scale.
• ADNOC: UAE national oil company with diversified upstream, midstream, and investment activity across the Middle East. Analogous business model to Midad (NOC/strategic investor) with much broader scale.
• Kuwait Petroleum Corporation: Gulf national oil company with integrated upstream and international E&P investments. Comparable as a regional NOC diversifying into foreign upstream assets alongside domestic operations.
• TotalEnergies: French super-major with global upstream portfolio and active M&A. Comparable in multi-region E&P investment approach and willingness to acquire divested/sanctioned assets, but at vastly larger scale.

Direct peers

• Sonatrach: Algeria's national oil company and Midad's joint-venture partner on the $5.4B Illizi South Project. Both share the same upstream hydrocarbons focus and integrated domestic-to-international business mix.
• Equinor: Norway-headquartered international E&P with state backing and multi-regional asset portfolio. Closely comparable in international upstream scope, equity investment activity, and partnership-driven project origination.
• SOCAR: Azerbaijan's state oil company and the operator of Azeri-Chirag-Gunashli, where Midad holds participation. Directly comparable on Caspian upstream operations and JV partnership structures.
• Lukoil: Russian international oil major whose foreign assets Midad is currently bidding to acquire. Comparable because it operates upstream E&P assets across multiple regions and pursues production-sharing/JV arrangements similar to Midad's Sonatrach model.

Others

• Carlyle Group: U.S. private equity firm that was the prior stalking-horse bidder for Lukoil's foreign assets before Midad outbid it. Comparable in the asset-acquisition context as a capital-rich counterparty pursuing the same sanctioned E&P portfolio.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/midad-energy

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Midad Energy