PTTEP, Mitsui to buy Thai assets from Pogo

June 21, 2005
PTTEP Offshore Investment Co. Ltd. and Mitsui Oil Exploration Co. Ltd. agreed to acquire the Thai oil and natural gas assets of Pogo Producing Co. of Houston for $820 million. The transaction is expected to close in the third quarter.

By OGJ editors
HOUSTON, June 20 -- PTTEP Offshore Investment Co. Ltd. and Mitsui Oil Exploration Co. Ltd. agreed to acquire the Thai oil and natural gas assets of Pogo Producing Co. of Houston for $820 million. The transaction is expected to close in the third quarter.

The sale covers Pogo's 46% working interest in 608,000-acre Block B8/32 in the central Gulf of Thailand. The company reported Thai net production last year of 78 MMcfd of natural gas, 17,121 b/d of crude oil and condensate, and 3,979 b/d of plant products.

The Thai asset sale closely follows Pogo's decision to sell its Hungarian unit, Pogo Hungary Ltd., to Toreador Resources Corp., Dallas, for $9 million (OGJ Online, June 10, 2005).