PTTEP Expands Business to Abu Dhabi, Acquiring Offshore Exploration and Production Rights
PTTEP acquires Abu Dhabi’s offshore exploration and production rights, holding 30% stake in the consortium.
PTT Exploration and Production Public Company Limited (PTTEP) has announced that PTTEP MENA Limited, a wholly-owned subsidiary of PTTEP, and Eni Abu Dhabi B.V., a wholly-owned subsidiary of Eni have been selected as the successful bidders from the Abu Dhabi’s Open Block Licensing Round for exploration and production rights of two offshore blocks named Offshore 1 and Offshore 2 which are located in the north-west of Abu Dhabi, United Arab Emirates.
The consortium have signed Concession Agreement with the Abu Dhabi National Oil Company (ADNOC) on 12 January 2019, 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 to 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 well-experienced operators.