Thailand’s Oil Explorer PTTEP Selling Oman 44 Project
The deal is expected to close in early Q-4 of Y 2016
Thailand’s largest Oil & Gas explorer, PTT Exploration and Production Pcl said Monday it will sell its Oman 44 Nat Gas project to ARA Petroleum LLC in a shift in investments in the Middle Eastern country.
PTTEP, the upstream flagship of state-controlled PTT Pcl, Thailand’s largest energy company, will sell its wholly-owned unit PTTEP Oman Co Ltd, which holds 100% of the Oman 44 onshore project, to ARA Petroleum, the company said in a statement to the Stock Exchange of Thailand. The deal is expected to close in early Q-4 of Y 2016.
The Oman 44 Project is an onshore Nat Gas and condensate field located west of the capital Muscat with area of 1,162 sqk (449 sqm). It has been in commercial production since Y 2007 with an average output of 19M cubic feet per day of Nat Gas and 904 BPD of condensate in Q-2 of Y 2016.
PTTEP gave no details about the value of the sale.
In order to find other opportunities in the country, PTTEP also signed a memorandum of understanding with Oman Oil Company Exploration and Production LLC, a subsidiary of national Oil firm Oman Oil Co, to seek “co-investment opportunities in areas of mutual interest” in Oman, it said.
PTTEP operates 38 projects in 11 countries. Sales volume from projects in Thailand and other Southeast Asian countries accounted for a combined 94% of total Q-2 of Y 2016, according to the company’s data.
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