Thailand's PTTEP Sells Omani Subsidiary

Thailand’s state owned energy firm PTT Exploration & Production (PTTEP) has decided to sell its Omani subsidiary for an undisclosed sum.

In a filing submitted to the Thai stock exchange on August 19, the company said it has signed an agreement to sell PTTEP Oman Company that holds 100% interest in the Oman 44 project to Muscat based ARA Petroleum. 

Oman 44 project is a natural gas and condensate field located onshore, to the west of Muscat with the acreage of 1,162 km^². It has been on commercial production since 2007; with an average output of 19mn m³/day of natural gas and 904 barrels/day of condensate in the second quarter of 2016.  

 Somporn Vongvuthipornchai CEO of PTTEP (left) with Isam Bin Saud Al Zadjali, CEO of Oman Oil Company after signing the MoU in July (Credit: OOCEP)

PTTEP said the move is part of its effort on portfolio rationalisation as it continues to explore for new investment opportunities in Oman. In July, the Thai firm signed a MoU with Oman Oil Company Exploration & Production (OOCEP), a subsidiary of Oman Oil Company. Both parties will share information and experience in the relevant areas and also exchange technical information and data to identify and progress areas of mutual interests.

Shardul Sharma