PTTEP Acquires a Stake in the United Arab Emirates’ Concession Area C Exploration Block
The transaction aligns with PTTEP’s strategy, focusing on prolific areas in the Middle East
PTT Exploration and Production Public Company Limited (PTTEP) announced that on 3 December 2021, PTTEP MENA Limited (PTTEP MENA), a subsidiary of PTTEP, has signed Farm-in/Farm-out Agreement to acquire 25% stake in the Concession Area C onshore the Emirate of Sharjah from Eni Sharjah B.V. (ENI).
The acquisition will be completed after fulfilling all conditions in the said agreement and obtaining all necessary government approvals with an expected completion date within 2021. After completion, the participation interest for this project will be as follows; ENI (Operator) 50%, SNOC 25% and PTTEP MENA 25%.
Area C is an onshore gas and condensate concession block in the exploration phase, situated in the central part of Sharjah Emirate, covering approximately 1,184 square kilometers. The transaction aligns with PTTEP’s strategy, focusing on prolific areas in the Middle East.