PTTEP farms in to blocks off Bangladesh

Thailand's PTT Exploration & Production PLC (PTTEP) signed an accord to farm in with a 30% interest to Bangladesh's offshore Blocks 17 and 18.

Jan 7th, 2008

By an OGJ correspondent
BANGKOK, Jan. 7 -- Thailand's PTT Exploration & Production PLC (PTTEP) signed an accord to farm in with a 30% interest to Bangladesh's offshore Blocks 17 and 18.

PTTEP joins Total SA 30%, Tullow Oil PLC 32%, Okland Bangladesh Ltd. 4%, and Rexwood Offshore Holdings Ltd. 4% as a stakeholder in the blocks.

The two blocks covers a combined area of 13,724 sq km, 150 km from Chittagong.

The acquisition is part of PTTEP's aggressive pursuit of overseas upstream assets to raise its reserves.

PTTEP Pres. Maroot Mrigadat said the blocks are expected to have high gas potential because they are only 40 km south of operating gas field Sangu, and 80 km north of Shwe gas field in Block A1 in Myanmar.

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