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).