Thai state-firm PTT says it has agreed to buy Chinese state-firm CNOOC’s 24.5% stake in Algeria’s 50-60,000 b/d Hassi Bir Rekaiz (HBR) development in the Berkine Basin. This will double its share to 49%, with Sonatrach holding its customary 51%.

PTT until last year said it planned to bring online the first 10-13,000 b/d phase of HBR in “early 2021,” but the firm’s third quarter results on 29 October now list start-up for the “second half of 2021.” Needless to say, this isn’t the project’s first delay (MEES, 22 March 2019). The second 50-60,000 b/d phase is still listed for 2025. (CONTINUED - 181 WORDS)