PTTEP expects to spend, according to its participation interest, approximately USD 13 million for the first three years of the exploration phase, which will include seismic surveys and the drilling of 3 exploration and delineation wells. The participation in this project will be valid after the effectiveness of the PSC contract and the approval by the Algerian government.
PTTEP has been interested in expanding its exploration and production investments in the North African region, where potential for petroleum reserves is considered to be one of the world’s highest. This is in line with the Company’s overall strategy to expand its investment base in this region.
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