Thailand’s PTTEP Partners with Eni for Major Algerian Gas Exploration Venture
PTT Exploration and Production has secured a significant foothold in Algeria’s gas sector through a partnership with Italian energy giant Eni to operate the Reggane II onshore block in southwestern Algeria. PTTEP, through its wholly-owned subsidiary PTTEP Algeria Co, will hold a 34% stake in the project, with Eni Algeria Exploration controlling the remaining 66%.
The Reggane II block spans 40,828 square kilometers and includes both discovered gas fields and areas with substantial further exploration potential. Eni will serve as drilling operator under a production-sharing contract framework, with the project awarded during Algeria’s 2024 bid round.
The investment aligns with PTTEP’s 10-year business plan targeting 2-3% compound annual growth through 2034, with production goals of 716 kilo-barrels of oil equivalent per day. The Algerian venture represents part of PTTEP’s broader international expansion, which includes new exploration projects in Malaysia and Mozambique alongside maintained domestic production in Thailand’s Gulf fields.
The partnership positions both companies to capitalize on Algeria’s significant gas resources while contributing to the country’s energy development objectives.
Source: bangkokpost.com