Thai PTTEP to Acquire Partex Holding for $622mn

Thai PTT Exploration and Production (PTTEP) said June 17 it will acquire Partex Holding from Portugal’s Calouste Gulbenkian Foundation for approximately $622mn.

According to PTTEP, the acquisition will enable “the company to be part of the consortium in the largest onshore producing asset in Oman as well as other oil and gas projects in five countries." This latest business achievement is paving the way for future investment opportunity in the Middle East, it added. 

Partex has investments in seven oil and gas projects in Oman, the United Arab Emirates, Kazakhstan, Brazil and Angola.

“This acquisition is not only a gateway for PTTEP to invest in one of the strategic areas of the Middle East’s oil and gas business, but also allows us to create new business partnership with both national oil companies of Oman and UAE, and world-class oil and gas players as we follow our expand & execute strategy,” PTTEP CEO Phongsthorn Thavisin said.  

The acquisition, which is expected to complete by the end of this year, will add sales volume of 16,000 barrels/day as well as proved and probable reserves of approximately 65mn barrels of oil equivalent to PTTEP’s working interest, the company said.

This is the second major acquisition in the upstream sector for PTTEP in last few months. In March, it acquired Murphy Oil’s assets in Malaysia for $2.13bn.