PTTEP makes foray into UAE with joint ven­ture

Bangkok Post - - BUSINESS - POST RE­PORTERS

SET-listed oil and gas drilling firm PTT Ex­plo­ration and Pro­duc­tion Plc (PTTEP) has ini­ti­ated its busi­ness pres­ence in the United Arab Emi­rates (UAE). Through its sub­sidiary PTTEP MENA Ltd, the com­pany has teamed up with Eni Abu Dhabi BV, a wholly-owned sub­sidiary of Eni, an Italy-based oil and gas com­pany. Both com­pa­nies were awarded two ex­plo­ration blocks — Off­shore 1 and Off­shore 2 — by the Abu Dhabi Na­tional Oil Com­pany (Ad­noc), the na­tional oil com­pany of UAE. Phongsthorn Thav­isin, pres­i­dent and chief ex­ec­u­tive of PTTEP, said this first step in UAE rep­re­sents cap­tur­ing an in­vest­ment op­por­tu­nity in strate­gic ar­eas as planned. “It will open win­dows of op­por­tu­nity for PTTEP to col­lab­o­rate with over­seas E&P com­pa­nies — Ad­noc and Eni — and to in­vest in one of the world’s most pro­lific oil and gas re­source ar­eas,” he said. “PTTEP be­lieves the con­sor­tium will bring ca­pa­bil­i­ties, ex­pe­ri­ence and tech­nol­ogy to de­velop these ex­plo­ration blocks and cre­ate long-term value for all in­volved par­ties.” Clau­dio Descalzi, Eni’s chief ex­ec­u­tive, said the part­ner­ship brings ex­per­tise and lead­ing-edge tech­nol­ogy to un­tapped re­sources in off­shore Abu Dhabi. Eni Abu Dhabi, the op­er­a­tor of the con­ces­sion, will hold a 70% stake, and PTTEP MENA will hold 30% of the blocks. The ex­plo­ration ac­tiv­ity has a max­i­mum pe­riod of nine years, while the over­all con­ces­sion term is 35 years. The UAE is the world’s sev­enth largest oil pro­ducer, with 96% of its re­serves within the emi­rate of Abu Dhabi. Lo­cated in one of the world’s largest hy­dro­car­bon su­per-basins, there re­mains undis­cov­ered and un­de­vel­oped po­ten­tial in the nu­mer­ous stacked reser­voirs. Sul­tan Ahmed Al Jaber, UAE’s Min­is­ter of State and Ad­noc’s chief ex­ec­u­tive, said the agree­ment un­der­lines its smart growth strat­egy and its tar­geted ap­proach to en­gage with value-added part­ners that can con­trib­ute the cap­i­tal, tech­nol­ogy and ca­pa­bil­i­ties to ac­cel­er­ate the de­vel­op­ment of Abu Dhabi’s hy­dro­car­bon re­sources. PTT Plc is one of Ad­noc’s largest crude oil cus­tomers, buy­ing up to 100,000 bar­rels of var­i­ous crude grades per day.

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