PTTEP increases stake in Contract 4 project offshore Thailand

Offshore staff

BANGKOK, Thailand – PTT Exploration and Production (PTTEP) has signed agreements to acquire 100% equity stakes of Hess’ subsidiaries in Thailand.

The transaction includes a 15% interest in block G7/50 of the Contract 4 project in which PTTEP already has a 45% stake. This concerns a producing field in the Gulf of Thailand offshore Songkhla Province.

Currentproduction is around 387 MMcf/d (11 MMcm/d) of natural gas and 17,528 b/d of condensate, with a total proved and probable reserves (2P) of 461 MMboe.

Chevron will retain operatorship of the project.

04/23/2014