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.
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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.