PTTEP Expands Overseas Investment after Acquiring an Exploration-Production Rights in UAE

PTT Exploration and Production Public Company Limited (PTTEP) announced that PTTEP MENA Limited, a wholly-owned subsidiary of PTTEP, and Eni Abu Dhabi B.V., a wholly-owned subsidiary of Eni S.p.A. have been selected as the successful bidders from the 2019 Abu Dhabi’s Block Bid Round for exploration and production rights of Offshore Block 3 which is located in the north-west of Abu Dhabi, United Arab Emirates. 

 

The consortium has signed a Concession Agreement with the Abu Dhabi National Oil Company (ADNOC), with the participation interest for PTTEP MENA Limited at 30% and Eni Abu Dhabi B.V. (the Operator) at 70%. 

 

This investment in the United Arab Emirates exploration blocks is another important milestone for PTTEP to expand its international investment portfolio in the Middle East, which is the area of high petroleum potential and is in line with PTTEP’s strategy to broaden strategic alliance partnership with leading and well-experienced operators.