PTTEP selling off its operations in Brazil
Thailand’s PTT Exploration and Production (PTTEP), a national petroleum exploration and production company, is selling off its operations in Brazil.
The company on Thursday reported to the Stock Exchange of Thailand that its overseas-based subsidiaries, PTTEP Netherlands Holding Coöperatie UA and PTTEP Brazil Investment BV, on Wednesday signed an agreement to sell all PTTEP investments and transfer all its obligations in PTTEP Brazil Investments in Oil and Gas Exploration and Production Limitada (PTTEP BL), which is registered in Brazil, to Ubuntu Engenharia e Serviços Ltda.
The sale is expected to be completed within this year.
PTTEP is a subsidiary of Thailand’s state-owned oil and petroleum giant PTT Plc.
When completed, the sale of PTTEP BL marks the end of PTTEP’s operations in Brazil, which is part of the company’s rationalisation of its investment portfolio to comply with its strategies.
PTTEP BL owns 25 per cent of the offshore Barreirinhas AP1 crude oil exploration and production project and a 20 per cent interest in the BM-ES-23 project, both in Brazil.
