Sonatrach on Aug. 16 reported new successful drilling results with partners Thailand’s PTTEP and CNOOC at the Hassi Bir Rekaiz project in Algeria's Berkine Basin.
Tests showed a crude oil flow rate of 2,406 barrels per day, Sonatrach said in a statement, describing the result as “very satisfactory.”
Sonatrach and its partners had found crude oil and gas in 10 wells since the start of the exploration campaign in 2011.
Sonatrach has a 51% stake in the project, with PTTEP and CNOOC owning 24.5% each.
Algeria has been trying to increase oil and gas output after a fall in recent years caused by a lack of foreign investment following failed attempts to attract investors in two bidding rounds since 2011.
The production decline combined with a fall in world oil prices have significantly hit state finances in Algeria which relies on oil and gas exports for 60% of its budget and are 95% of total export earnings.
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