PTT Exploration and Production Public Co. Ltd. announced March 19 it will start to develop its second Algerian oil project, which is located in Hassi Bir Rekaiz, after the consortium's development plan received approval from the regulator Agence Nationale pour la Valorisation des Ressources en Hydrocarbures.
The production period will last for 25 years starting from the approval date, with first oil of around 10,000 to 13,000 barrels per day slated in 2021.
For this year, PTT and its partners plan to build export pipelines and drill 14 production wells.
By 2025, the consortium targets production of 50,000 to 60,000 bbl/d from a central processing facility and the additional drilling of 139 production wells.
The consortium is composed of PTT with a 24.5% stake, Sonatrach Spa holding a 51% interest and CNOOC Ltd. with a 24.5% stake.