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    Thai PTTEP exits Brazil

Summary

PTTEP, through its subsidiaries, holds a stake in Barreirinhas AP1 and Brazil BM-ES-23 projects.

by: Shardul Sharma

Posted in:

Complimentary, Natural Gas & LNG News, Americas, Asia/Oceania, Security of Supply, Corporate, News By Country, Brazil, Thailand

Thai PTTEP exits Brazil

Thai state-owned energy company PTTEP has divested its assets in Brazil, it said on September 1 in a stock exchange filing.

PTTEP Netherlands Holding (PTTEP NH) and PTTEP Brazil Investment (PTTEP BI), subsidiaries of PTTEP, have entered into a sale and purchase agreement to sell PTTEP Brazil Investments in Oil and Gas Exploration and Production (PTTEP BL) to Ubuntu Engenharia e Servicos. No financial details were provided by the company. 

PTTEP BL holds 25% interest in the Barreirinhas AP1 project and 20% interest in the Brazil BM-ES-23 project. The completion of the sale is expected by this year-end, PTTEP said.

The Barreirinhas AP1 and the Brazil BM-ES-23 projects are in the exploration phase and located offshore of Brazil.