PTT Exploration and Production Plc’s (PTTEP) Executive Vice President for Finance and Accounting, Pannalin Mahawongtikul, declared that PTTEP is close to finalizing an investment decision towards the onshore Hassi Bir Rekaiz Project in eastern Algeria, reported Bangkok Post.
The project was delayed since 2015, due to the complicated process of obtaining licenses from local and central governments and unclear business models. Yet, the Hassi Bir Rekaiz project is in the process of petroleum reserve appraisal, after which production would start. In August, the company announced its intention to submit a development plan to the authorities for approval in early 2017 after successfully completing a drilling campaign, according to Rigzone.
The Hassi Bir Rekaiz project covers a 2,686 sq. km. PTTEP holds an opertionship interest in the field at a 24.5% stake, while the Algerian national oil and gas company Sonatrach holds 51% and China National Offshore Oil Corporation (CNOOC) holds the remaining 24.5% interest. PTTEP’s President and CEO, Somporn Vongvuthipornchai, said: “PTTEP has achieved great success and is very satisfied with the significant results of the drilling campaign in Hassi Bir Rekaiz.”