PTT Exploration & Production farms in to Blocks 433a and 416b in Algeria

    April 22, 2003
    PTT Exploration & Production PLC, the largely-Thai-state-owned oil firm, has farmed in with a 40% stake in onshore petroleum prospects, Blocks 433a and 416b in Algeria, joining Vietnam's state-owned PetroVietnam and Sonatrach, the Algerian national oil company.

    By an OGJ correspondent

    BANGKOK, Apr. 22 -- PTT Exploration & Production PLC, the largely-Thai-state-owned oil firm, has farmed in with a 40% stake in onshore petroleum prospects, Blocks 433a and 416b in Algeria, joining Vietnam's state-owned PetroVietnam and Sonatrach, the Algerian national oil company.

    PetroVietnam will reduce its holdings to 35% from 75% to accommodate PTTEP's entry into the venture. Sonatrach will retain its 25% stake in the two blocks that cover 6,472 sq km near Touggourt, in southeastern Algeria, and lie about 50 km from Hassi Messaoud, which produces 400,000 b/d of oil.

    PTTEP will inject $13 million for additional exploration activities over the next 3 years, including drilling three exploration and delineation wells.

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