Algeria Oil Project Delayed

Thai state firm PTTEP says it has started development work at its Hassi Bir Rekaiz (HBR) oil project in Algeria’s Berkine Basin.

But the 19 March announcement also acknowledges that PTT does not expect Phase-1 output of 10-13,000 b/d until 2021 with potential Phase-2 expansion to 50-60,000 b/d from 2025. As recently as last month’s results and strategy outlook the firm gave dates of 2020 and 2024, respectively. When PTT’s development plan was approved in April 2018 it said it was targeting 2019.

“Investments this year will see the export pipelines constructed to a nearby processing unit and 14 production wells drilled,” PTT says. “To reach production volume of 50-60,000 b/d in 2025 as targeted, the investments will include the development of a central processing facility and the drilling campaign of an additional 139 production wells,” the Thai state firm adds. (CONTINUED - 294 WORDS)