Thai PTTEP Hikes Stake in Sinphuhorm Project
Thai state-owned producer PTTEP has signed a share purchase agreement to acquire 33.8% stake in Apico from Tatex Thailand and Tatex Thailand II for some $64mn, it said February 15. The transaction is expected to complete within the first half of this year.
Apico holds 35% of Blocks EU1 and E5N, also known as the Sinphuhorm project; and 100% of Block L15/43 and Block L27/43 both in the northeast of Thailand. In 2018, Sinphuhorm yielded about 79mn ft3/d gas and 246 b/d of condensate.
PTTEP CEO Phongsthorn Thavisin said: "This acquisition fits PTTEP’s growth strategy to expand investment in Thailand and southeast Asia where PTTEP has expertise which will increase petroleum reserves, and generate return on investment to the company as well as providing reliable energy supply for the country.”
PTTEP is the operator with a 55% interest in the Sinphuhorm project. After the completion of the transaction, PTTEP’s stake, both direct and indirect, in this project will increase to 66.8%.