Par
Souleymane Loum
| 20 seconds ago
Facebook
Twitter
LinkedIn
WhatsApp
Things are moving in the Algerian energy sector with the arrival of the Thai public oil and gas company PTT. It joins the French TotalEnergies, the American Occidental and the Italian Eni, all world leaders, to add to the other American giants eyeing the Algerian Sahara. PTT recently announced the purchase of the 22.1% held by the French group Engie in the Touat gas project, nestled in the Timimoun area, in the wilaya of Adrar.
Thailand is making a notable entry alongside Eni, which controls 42.9% in this project and the Algerian public company Sonatrach, which holds 35%. According to the specialized platform “Mees”, the buyout operation should be completed by the second quarter of 2025, after the completion of the procedure to comply with the regulations.
This acquisition is a solid milestone in PTT’s international expansion plan, in a very favorable situation for Algeria since it became the leading gas supplier to the European Union last October. A position which will be reinforced by Ukraine’s decision to close the gas pipeline which leaves Russia to supply the old continent…
Note that as soon as this measure was announced, gas prices on the European market skyrocketed. This is also very good for PTT’s small businesses, the national economy and the country’s public coffers. As for the Thai company, the Touat project, which is already in the production phase, will allow it to increase its revenues and increase its reserves with a view to expanding its scope.
The Touat gas field, operated since 2019, is based on reserves estimated at 1.92 trillion cubic feet of natural gas plus 5.4 million barrels of condensate. Currently its production is rising to nearly 12 million cubic meters per day, adding to the very promising growth prospects in the coming years.
After a break of more than 2 years following technical obstacles related to mercury contamination of the treatment units, production was relaunched under the leadership of the Italian Eni. In 2023 the latter took over the shares of Neptune Energy and disbursed $4.9 billion to modernize the infrastructure. This restart allowed Algeria to achieve additional production of 4.5 billion cubic meters of gas, a very good deal for export.
Algeria, which is counting on 200 billion cubic meters of gas by 2027, 50% of which dedicated to export, is gaining ground on the global energy market. With the rise of PTT, the country is increasing its attractiveness for large international investors and further establishing its status as a regional energy hub.
Facebook
Twitter
LinkedIn
WhatsApp
What is happening in Tunisia?
We explain on our YouTube channel. Subscribe!
Adrar, gas export, French Engie, Algerian gas, Russian gas, Italian ENI, Touat gas project, PTT, energy sector, Thai company, sonatrach, Thailand, Timimoun, TotalEnergies, European Union
