Summary:

On 20 July 2026, Afreximbank approved a $200 million financing facility for the second phase of Algeria’s Hassi Bir Rekaiz oil field development, supporting Nigerian energy company Shoreline Power and engineering firm Arkad in executing part of a $980 million EPC contract.  

The project aims to increase production capacity at the field to between 50,000 and 60,000 barrels per day, reinforcing Algeria’s efforts to sustain hydrocarbon output and export revenues. 

The financing also marks Afreximbank’s first support for a sub-Saharan African company participating in a major North African energy project, reflecting the bank’s growing role in facilitating intra-African investment. 

Outlook: 

The financing comes as Algeria seeks to sustain its hydrocarbon production capacity at a time when its energy position has gained renewed importance due to European efforts to diversify supplies and ongoing instability in regional energy markets. 

Supporting new upstream developments such as Hassi Bir Rekaiz reflects Algiers’ approach of preserving its influence as an energy supplier while managing the longer-term challenge of maintaining competitiveness in a changing global energy landscape. 

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