PTT Exploration and Production Public Company Limited (SET: PTTEP) has informed the Stock Exchange of Thailand that on 20 December 2024, PTTEP SG Holding Pte. Ltd., a subsidiary of PTTEP, has entered into a Sale and Purchase Agreement (SPA) to acquire 34% share capital in E&E Algeria Touat B.V. from ENGIE International Corporation B.V. (ENGIE). The completion of this transaction is subject to the conditions precedent as prescribed in the SPA, including necessary regulatory approval, with an expected closing date by the second quarter of 2025. Upon completion, PTTEP will indirectly hold a 22.1% investment in the Touat Project. The other partners in the Project are Eni Energy Touat Holding B.V., a subsidiary of ENI, holding a 42.9% share, and SONATRACH S.P.A., Algeria’s national oil company, with a 35% stake.
Touat Project is a natural gas producing field, under the Production Sharing Contract (PSC), located in the onshore Timimoun petroleum basin in Algeria, with estimated remaining natural gas reserves and condensate of 1.92 trillion cubic feet and 5.4 million barrels of oil equivalent respectively (as of 1 January 2024). Gas production commenced in 2019 with a current production capacity at approximately 435 MMSCFD with a potential production ramp-up in coming years.
This investment aligns with PTTEP’s strategy to expand its international growth as a global oil company. Algeria is the country with prolific petroleum potential, supported by well-established infrastructure and strong markets for natural gas exports. The Project carries a low risk as it is in the production phase, enabling immediate revenue stream, production, and petroleum reserves for both short-term and long-term to PTTEP upon completion, to bolster the company’s future growth.
