23 April 2014
Details
PTT Exploration and Production
Public Company Limited or PTTEP,
represented by
Mr. Tevin Vongvanich (นายเทวินทร์ วงศ์วานิช),
President and CEO,
revealed that
* PTTEP Offshore Investment Company Limited and
* PTTEP International Limited,
subsidiaries of PTTEP,
have successfully signed
Share Purchase Agreements (SPAs)
to acquire 100% equity stakes of the subsidiaries of
Hess Corporation in Thailand, namely
* Hess Thailand Holdings II Limited (HTH) and
* Hess Exploration Thailand Company Limited (HETCL).
The details of HTH and HETCL are as follows:
-
Own 15% interest in block B12/27
(mainly in Pailin , Morakot and Ubon fields) and block G7/50 of
Contract 4 Project -
Own 35% interest in Block EU-1 and Block E5 North of
Sinphuhorm Project
The total consideration of transaction is approximately
USD 1,000 million
which will be funded by PTTEP’s cash.
The transaction of HTH closes on April 22, 2014
while the transaction of HETCL is expected to be closed
within May 2014 as prescribed in the SPA.
“The acquisition of Hess Corporation’s interests in
Contract 4 and Sinphuhorm Projects
is a strategic fit to PTTEP growth strategy by
* adding producing assets,
accretion of volume growth and reserves, and
* strengthening our investment in Thailand,”
said Mr. Tevin.
After the acquisition,
PTTEP production volume will be increased
approximately 17,000 barrels of oil equivalent per day.
About Contract 4 Project
Contract 4 Project is a natural gas field located
in the Gulf of Thailand (offshore of Songkhla Province),
covering an area of 3,118 square kilometers.
The current production is approximately
* 387 million cubic feet per day of natural gas and
* 17,528 barrels per day of condensate,
with a total proved and probable reserves (2P) of
461 million barrels of oil equivalent (BOE).
At present, PTTEP is a partner of the project and
holds 45% interest.
After the accomplishment,
PTTEP interest in Contract 4 Project will increase to 60%
while
Chevron Group will retain the operatorship of the project.
About Sin Phuhorm Project
Located in Udon Thani and Khon Kaen provinces
in the northeast of Thailand
cover an area of 231.6 square kilometers,
Sin Phuhorm Project is also
a natural gas field with production of
* 113 million cubic feet per day of gas and
* 496 barrels per day of condensate.
The total proved and probable reserves (2P) are
around 45 million barrels of oil equivalent (BOE).
PTTEP is currently a partner of the project
with 20% interest and
after the accomplishment of the transaction
the company will increase its interest to 55% and
will become the operator of the project.
WWW.CHEMWINFO.COM BY KHUN PHICHAI
