Thai PTTEP exits Angola
Thai state-owned energy company PTTEP has signed an agreement to sell its entire 2.5% participation interest in the Block 17/06 project in Angola to SOMOIL, it said on December 19.
The completion of the sale is expected by mid-2023 subject to the conditions prescribed in the agreement. “This divestment marks the withdrawal of all PTTEP’s investment in Angola which aligned with the company’s strategy,” the Thai firm said.
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The Block 17/06 project is an offshore oil field under development phase located on the west coast of Angola.
PTTEP earlier this month announced it wants to focus on projects such as the Malaysia SK410B project and Mozambique Area 1 project, with a capital expenditure budget of $322mn planned to support these activities.