Thailand’s PTT Exploration and Production Public Company Limited (PTTEP) has signed an agreement with ARA Petroleum for selling its wholly-owned subsidiary PTTEP Oman
PTTEP Oman owns onshore Block 44 oilfield. The deal is expected to close in early Q4 2016, PTTEP said in a filing to the Stock Exchange of Thailand.
Oman 44 Block is a natural gas and condensate field located to the west of Muscat, with the acreage of 1,162 sq km. The project has been on commercial production since 2007, with an average output of 538,020 cu/m per day of natural gas and 904 barrel per day of condensate in Q2 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, sources have revealed. In this respect, PTTEP has signed an MoU with Oman Oil Company Exploration and Production (OOCEP), a subsidiary of Oman Oil Company, seeking co-investment opportunities in areas of mutual interest.
