Thailand’s national upstream company PTTEP on Tuesday completed its acquisition of an interest in the Touat natural gas project in Algeria, where it already has upstream assets.

PTTEP acquired a 34% stake in E&E Algeria Touat from French player Engie and, following completion of the transaction, now holds an indirect 22.1% interest in the Touat project, which came on stream in 2019.

The field in the Timimoun basin onshore Algeria currently produces around 435 million cubic feet per day of gas, and there is the potential for further ramp-up in the coming years.

The value of the deal, which PTTEP announced last December, was not disclosed.

Touat at the time was said to hold estimated remaining reserves of 1.92 trillion cubic feet of gas, together with 5.4 million barrels of oil equivalent of condensate.

Eni has a 42.9% share in the Algerian asset, with state-owned Sonatrach holding 35%.

The Touat investment delivers immediate revenue, increases production volume and petroleum reserves, thereby supporting PTTEP’s future growth, chief executive Montri Rawanchaikul informed the Stock Exchange of Thailand.