Algeria, March 27, 2019

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PTTEP starts Algeria Hassi Bir Rekaiz development project, looks to production in 2021

PTTEP has started to develop its second project in Algeria – the Algeria Hassi Bir Rekaiz. The company will put its investment this year with confidence that the project will deliver growth in the long term.

Phongsthorn Thavisin, President and Chief Executive Officer of PTT Exploration and Production Public Company Limited (PTTEP), said PTTEP has started development on the Algeria Hassi Bir Rekaiz project following the conclusion with partners and its approved development plan by ALNAFT (Agence Nationale pour la Valorisation des Ressources en Hydrocarbures – Regulating body of Hydrocarbon Exploration & Production). The production period will last for 25 years starting from the approval date. The investments this year will see the export pipelines constructed to nearby processing unit and 14 production wells drilled. First oil is expected to come on stream in 2021 with planned production volume of 10,000-13,000 barrels per day (BPD). To reach production volume of 50,000-60,000 BPD in 2025 as targeted, the investments will include the development of central processing facility and the drilling campaign of additional 139 production wells.

“The Algeria Hassi Bir Rekaiz is one of the strategic projects to support our growth. PTTEP will also accelerate other pre-development projects awaiting for Final Investment Decision (FID) including the Mozambique Rovuma Offshore Area 1 in order to add more production volumes and petroleum reserves for the long-term sustainable growth,” said Phongsthorn.

During 2013 – 2016, PTTEP and its project partners were successful in the drilling campaign as crude oil and associated gas were satisfactorily found in 10 exploration wells out of 11 totally, showing high hydrocarbons potential in the area. The consortiums, therefore, submitted the development plan to ALNAFT and received the approval in 2018.

The Algeria Hassi Bir Rekaiz project is located onshore in the Eastern part of Algeria, covering 1,916 square kilometers. PTTEP is the operator during the exploration period with 24.5% participating interest. Its joint venture partners consist of SONATRACH, the Algerian National Oil and Gas Company with 51% interest, and CNOOC Limited, China’s producer of offshore crude oil and natural gas with 24.5% interest.

Prior to the Algeria Hassi Bir Rekaiz, PTTEP was successful in the crude oil production from the Bir Seba field of the Algeria 433a & 416b project, the first producing asset in Algeria, the African continent. The current average production volume is approximately 18,500 BPD.

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