Discovery of oil in two PTTEP wells in Algeria
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PTT Exploration and Production's investment in Algeria has yielded fruit with the discovery of oil in two exploration wells.
PTTEP announced yesterday that with its partners China National Offshore Oil Corporation (CNOOC) and Algerian state-owned Sonatrach, it had discovered crude oil at the fourth and fifth exploration wells in the North African country.
The partners have a plan to drill nine exploration wells at the Hassi Bir Rekaiz project between late 2011 and early next year. So far, five wells have been drilled, with four deemed a success. The sixth well is expected to be drilled at the end of this month, said PTTEP president and chief executive officer Tevin Vongvanich.
The fourth well is estimated to produce initial flows of 485 barrels a day, and the investors are reviewing the daily flow estimate. The daily flow from the fifth well is estimated at 2,423 barrels.
“The discovery is another success of PTTEP,” Tevin said.
Located in eastern Algeria, the Hassi Bir Rekaiz project covers 5,378 square kilometres. PTTEP and CNOOC own 24.5 per cent equally in the project, while Sonatrach owns the remaining 51 per cent.
PTTEP’s exploration in Algeria also covers 433A and 416B wells in Bir Seba field.
To date, it has invested in 41 E&P activities and five other projects in Thailand, Myanmar, Vietnam, Cambodia, Oman, Indonesia, Algeria, New Zealand, Australia, Canada, Mozambique and Kenya.
