Thailand’s PTT Exploration and Manufacturing Public Co. Ltd. (PTTEP) mentioned it has acquired a 50 p.c taking part curiosity in Block A-18 of the Malaysia–Thailand Joint Improvement Space (MTJDA) for $450 million.
The sellers, Hess (Bahamas) Restricted and Hess Asia Holdings Inc., are subsidiaries of Chevron following the Chevron-Hess merger.
The acquisition enhances PTTEP’s gasoline manufacturing quantity, petroleum reserves, and will increase its funding within the MTJDA from its current 50 p.c taking part curiosity in Block B-17-01, the corporate mentioned in a information launch.
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Block A-18 at the moment produces 600 million commonplace cubic ft of pure gasoline per day (MMscfd) which is distributed equally to Thailand and Malaysia, the corporate mentioned, including that the 300 MMscfd provided to Thailand accounts for six p.c of the nation’s home gasoline demand.
PTTEP mentioned it plans to develop extra manufacturing wells and wellhead platforms, in addition to gasoline pipelines, to assist a constant and dependable gasoline provide.
The MTJDA is situated within the southern a part of the Gulf of Thailand. Protecting an space of roughly 2,800 sq. miles (7,250 sq. kilometers), it’s a key supply of pure gasoline and condensates for Thailand and Malaysia, in response to the discharge.
Block A-18 which incorporates Cakerawala, Bumi, Suriya, Bulan, and Bulan South fields, began manufacturing in 2005, whereas Block B-17-01 started manufacturing in 2010. The block consists of Muda, Tapi, Tanjung, Amarit, Jengka, Melati, and Andalas fields, and at the moment produces roughly 300 MMscfd of pure gasoline for Thailand and Malaysia, the discharge mentioned.
“PTTEP is happy to additional increase our operations within the MTJDA, which is acknowledged for its petroleum potential and strategic significance to Thailand’s vitality safety. The acquisition additionally contributes to the corporate’s development. Other than the prevailing producing fields, Block A-18 consists of a number of found gasoline fields awaiting improvement to unlock their full potential. Participation in Block A-18 additionally fosters operational synergy with Block B-17-01, enhancing effectivity to make sure steady and accelerated vitality provide for each nations.” PTTEP CEO Montri Rawanchaikul mentioned.
First Half Updates
In 2025, PTTEP, in partnership with Eni Algeria Exploration B.V. because the operator, was awarded the Reggane II block in Algeria. The corporate, which holds a 34 p.c curiosity within the undertaking, signed a manufacturing sharing contract (PSC) for the asset, with the contract efficient upon the official announcement by the Algerian authorities.
Reggane II, situated close to the Algeria Touat Mission, “presents a strategic alternative to boost improvement and useful resource administration synergies, coupled with found gasoline and exploration potential within the space,” PTTEP mentioned in a separate assertion.
Within the Center East, PTTEP has additionally signed an settlement to increase the Exploration and Manufacturing Sharing Settlement for Block 53 by way of 2050. The corporate has additionally been awarded the manufacturing concession settlement for the Abu Dhabi Offshore 2 undertaking by a state company of the Emirate of Abu Dhabi, UAE, following a profitable gasoline discovery. This marks a step towards a closing funding resolution (FID), the corporate mentioned.
For the primary half of the 12 months PTTEP reported whole income of THB 148.53 billion ($4.43 billion). Main development was primarily from the rise in G1/61 manufacturing since March 2024, increased crude gross sales of Sabah Block Ok undertaking and the participation curiosity enhance of Sinphuhorm undertaking, the corporate mentioned.
To contact the writer, e-mail rocky.teodoro@rigzone.com
