PTT Exploration and Production Plc (PTTEP), SONATRACH (Algeria’s national oil and gas company) and CNOOC Ltd have started Phase 1 development of Algeria’s Hassi Bir Rekaiz project after it was approved by ALNAFT (Agence Nationale pour la Valorisation des Ressources en Hydrocarbures).
The approval by Algeria’s regulating body for hydrocarbon exploration and production was reported to the Stock Exchange of Thailand yesterday.
Development activities are scheduled to commence this month. Initial oil production of 10,000 to 13,000 barrels per day (BPD) is expected to start in early 2021, with plans for the second-phase production capacity to be ramped up to around 50,000 to 60,000 BPD in 2025.
The Hassi Bir Rekaiz project is located onshore, on the east of Algeria, covering an area of 1,916 square kilometres. PTTEP holds a 24.5 per cent participation interest in the project, while SONATRACH and CNOOC hold 51 per cent and 24.5 per cent respectively, the company’s president and chief executive officer, Phongsthorn Thavisin, said.