Thu, July 07, 2022

business

PTT and PTTEP sign an agreement to collaborate on Oman crude oil to ensure Thailand's energy security


Mr. Auttapol Rerkpiboon, President and Chief Executive Officer of PTT Public Company Limited (PTT) has presided over the signing ceremony of the Sale and Purchase Contract of Oman crude between PTTT and PTTEP Oman E&P Corporation (POC) and PTTEP MENA Limited.

The contract has been signed by Mr. Disathat Panyarachun, Senior Executive Vice President, International Trading Business Unit, PTT, and Mr. Montri Rawanchaikul, Chief Executive Officer, PTT Exploration and Production Public Company Limited (PTTEP). Mr. Kris Imsang, Chief Operating Officer, Downstream Petroleum Business Group, PTT, also witnessed the signing ceremony.

Mr. Disathat Panyarachun, Senior Executive Vice President, International Trading Business Unit, PTT said Oman crude oil is widely recognized as one of the most important crude benchmark in the world. With the accomplishment of Joint Collaboration Agreement with PTTEP, PTT International Trading Business Unit is proud to entering into the Crude Sales Agreement with PTTEP Oman E&P Corporation and PTTEP MENA Limited for the approximate 9 million barrels per year of Oman crude oil. Besides, the collaboration is another milestone of successful synergy among PTT Group between upstream and downstream. Furthermore, such collaboration guarantees energy security of Thailand as well as enhances the efficiency in managing supply/demand base and strengthens competitiveness of the Group in international territories.
 

Mr. Montri Rawanchaikul, Chief Executive Officer, PTTEP said PTTEP has the investments in 3 producing projects in Oman – the Oman Block 61 Project, the PDO (Block 6) Project and the Mukhaizna (Block 53) Project – which are recognized as ones of the largest petroleum assets in Oman. Through the investment in these 3 projects, PTTEP has established a strong foothold, creates the company’s long-term growth in the Middle East as well as generates revenues for Thailand. 

PTTEP has participating interests through its subsidiaries in the Oman Block 61 Project, the PDO (Block 6) Project and the Mukhaizna (Block 53) Project at 20%, 2% and 1%, respectively. By combining equity portion of the 3 projects, PTTEP holds approximately 24,000 barrels per day of Oman crude oil.
 

Published : May 19, 2022

By : THE NATION