PTT Exploration and Production Public Company Limited (PTTEP), Thailand's largest oil and gas explorer, on Monday said that the company has signed an agreement with ARA Petroleum LLC for selling its wholly-owned subsidiary - PTTEP Oman. PTTEP Oman owns block 44 onshore oil field. The deal is expected to close in early fourth quarter of 2016, PTTEP said in a filing to the Stock Exchange of Thailand.
Oman 44 block is a natural gas and condensate field located onshore field, located to the west of Muscat, Oman with the acreage of 1,162 square kilometres. The project has been on commercial production since 2007, with an average output of 19 million cubic feet per day of natural gas and 904 barrel per day of condensate in the second quarter of 2016.
The sale of PTTEP OM is a part of PTTEP’s efforts on portfolio rationalisation, while the company continues to explore for new investment opportunities in Oman. In this respect, PTTEP has signed memorandum of understanding (MoU) with Oman Oil Company Exploration and Production LLC (OOCEP), a subsidiary of 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 per cent of total in the second quarter, according to the company's data.
Source Link: timesofoman.com
