Pttep, Petronas Sign MoU

Thai PTTEP and Malaysian Petronas have entered into a memorandum of understanding regarding collaboration in E&P, PTTEP said January 4.

The MoU was signed by PTTEP and Petronas (E&P) Overseas Ventures, a subsidiary of Petronas, at Kuala Lumpur, Malaysia.

Last month, PTTEP won the right to operate the Bongkot and Erawan gas fields starting from 2022. PTTEP submitted its bid alone for the Bongkot field, but partnered with Mubadala Petroleum on winning the right to operate the Erawan gas block, with an investment proportion between the two companies of 60% and 40%, respectively. The Bongkot and Erawan gas fields account for 60% of total domestic outputs.

The Thai state-owned firm also said last month that it will spend $1.84bn on capital expenditure in 2019, up from its 2018 capex target of $1.77bn.