PTTEP makes an inroad into Brazil
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PTT Exploration and Production, Thailand's largest exploration company, has made an inroad into Brazil, through the 25 per cent equity participation in four deep water blocks.
"This is PTTEP’s first step in expanding investment in petroleum exploration in South America," said Tevin Vongvanich, president and CEO of the company.
On April 3, its subsidiary, PTTEP BrasilInvestimentosemExploração e Produção de Petróleo e Gás Ltda, signed the Farm-in/Farm-out Agreement with BG E&P Brasil Ltda (BG Brasil). The company did not reveal the investment cost.
The 4 petroleum exploration blocks - namely BAR-M-215, BAR-M-217, BAR-M-252 and BAR-M-254 - cover an area of approximately 3,077 square kilometres in the Northeastern deep water of Barreirinhas basin, Atlantic Ocean, Brazil. BG Brasil will remain the operator of the blocks, holding the remaining 75 per cent stake.
The investment is pending for the approval from the Brazil's National Agency of Petroleum, Natural Gas and Biofuels (ANP).
“The signing of this agreement with BG Brasil is a significant and the first step for PTTEP to expand its investment in South America which is one of the highest potential oil resources of the world. This year, the joint-venture partners plan to commence a multi-client 3D seismic survey in the 4 blocks to assess preliminary potential,” added Tevin.
At present, PTTEP has invested in over 40 petroleum exploration and production projects in Southeast Asia, Middle East, Africa, Australia, North America and, now, in the South America continent.
