Thailand’s PTTEP to sell its block 44 in Oman

Thailand’s PTTEP to sell its block 44 in Oman

Times News Service

MUSCAT: PTT Exploration and Production Public Company Limited (PTTEP), Thailand's largest oil and gas explorer, on Monday said it signed an agreement with ARA Petroleum LLC to sell its wholly-owned subsidiary—PTTEP Oman.
PTTEP Oman owns the block 44 onshore oil field. The deal is expected to close in the early part of the fourth quarter of 2016, PTTEP said in a filing at the Stock Exchange of Thailand.
The Oman 44 block is a natural gas and condensate field located onshore field, localted to the west of Muscat, Oman and is spread over 1,162 square kilometres. The project has been under commercial production since 2007, with an average output of 19 million cubic feet per day of natural gas and 904 barrels per day of condensate reported in the second quarter of 2016.
The sale of PTTEP OM is a part of the company’s efforts on portfolio rationalisation, while it continues to explore new investment opportunities in Oman. In this respect, PTTEP has signed a Memorandum of Understanding (MoU) with Oman Oil Company Exploration and Production LLC (OOCEP), a subsidiary of the Oman Oil Company, the national oil company of Oman, seeking co-investment opportunities in areas of mutual interest.
According to an agency report, PTTEP operates 38 projects in 11 countries. Sales volume from projects in Thailand and other Southeast Asian countries accounted for a combined 94 percent of the total in the second quarter, according to the company's data.