11 hours ago
Eni-PTTEP partnership awarded Reggane II gas block in Algeria
The partnership between Eni Algeria Exploration B.V., a subsidiary of Italian oil and gas giant Eni, and PTTEP Algeria Company (PTTEP AG), a subsidiary of Thailand's PTT Exploration and Production Public Company (PTTEP), has been awarded the Reggane II Block from the 'Algeria Bid Round 2024.'
Eni will serve as operator of the block with a 66 percent participating interest, while PTTEP AG holds the remaining 34 percent, parent PTTEP said in a stock exchange statement.
A Production Sharing Contract (PSC) for the block will be signed at a later date, the Stock Exchange of Thailand (SET)-listed company said.
Located in southwest Algeria, the Reggane II Block spans approximately 40,828 square kilometres (sq km) and includes both discovered gas fields and areas with further exploration potential.
PTTEP stated that the investment aligns with its growth strategy in key strategic focus areas and will enhance its upstream portfolio in Algeria, where the company is expanding its presence in the gas sector.
(Writing by Majda Muhsen; Editing by Anoop Menon)
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