PTTEP has signed the agreement with its strategic partner Total E&P Oman Block 12 B.V. through its wholly-owned subsidiary PTTEP MENA Limited.
This agreement reflects PTTEP’s ‘expand’ strategy and will strengthen its presence in the Middle East, one of the company’s strategic investment areas, to create long term growth.
Under EPSA for Block 12, PTTEP MENA and Total will realise geological and geophysical studies, 3D seismic surveys and exploration wells during the initial 3-year exploration phase (2020 – 2022).
Phongsthorn Thavisin, PTTEP president and CEO, said “The signing of this exploration and production sharing agreement for Block 12 strategically strengthens PTTEP exploration investment and presence in Oman which is a high petroleum potential area in the Middle East with a favourable investment climate.
“The deal will also widen the opportunity for PTTEP to further expand investment in the region for long term growth and to partner with a prudent operator that has extensive experience in Oman.”
PTTEP MENA holds 20 per cent participating interest in Block 12 and Total, the operator, holds the rest 80 per cent. Located in central Oman, Block 12 is a large onshore exploration block with an acreage of around 10,000 sq km. The area is of high gas potential and is the focus of the Oman’s government for exploration, development and production.
This investment in Oman is another important milestone for PTTEP following its acquisition of Partex Holding B.V. in 2019 which includes three projects in Oman namely PDO (Block 6), the country’s largest onshore producing oil and gas project; Mukhaizna (Block 53), a large producing onshore oil field; and Oman LNG, the only gas liquefaction complex in Oman.