SET Notification

Algeria Hassi Bir Rekaiz Project, Algeria starts its Development

19 March 2019

 
PTTEP 13061/00-2682/2019                                                                                

Investor Relations
Tel. +66(0) 2537 4868, +66(0) 2537 5843
 
19 March 2019
 
President
The Stock Exchange of Thailand
93 Ratchadapisek Road, Din Daeng
Bangkok 10400
 
Dear Sir,
 
Subject:           Algeria Hassi Bir Rekaiz Project, Algeria starts its Development
 
 
PTT Exploration and Production Public Company Limited (PTTEP), the Operator, together with SONATRACH (Algeria’s National Oil and Gas Company) and CNOOC Limited, has started development on Phase 1 of 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 development activities are expected to commence in March 2019. First oil production for the initial phase of 10,000-13,000 barrels per day (BPD) is expected in early 2021 with a plan for the second phase production capacity ramping up to around 50,000-60,000 BPD in 2025.
 
Algeria Hassi Bir Rekaiz Project is located onshore, in the eastern part of the People's Democratic Republic of Algeria, covering an area of 1,916 square kilometers. PTTEP holds 24.5% participation interest. The other joint venture partners consist of SONATRACH and CNOOC Limited with participation interest of 51% and 24.5%, respectively.
 
The start of Algeria Hassi Bir Rekaiz’s development marks another important milestone to support PTTEP’s growth by accelerating pre-development projects in order to add near term production volumes and petroleum reserves.
 
Please be informed accordingly.
 
Sincerely yours,
 
Phongsthorn Thavisin
 
Phongsthorn Thavisin
President and Chief Executive Officer