Bangkok--17 Apr--PTTEP
PTT Exploration and Production Plc (PTTEP) announced it was successful in the bidding to obtain exploration and production rights in The Sultanate of Oman. It is anticipated that PTTEP will sign an Exploration and Production Sharing Agreement (ESPA) by June 2006.
The onshore Block No. 58 covers an area of approximately 2,200 square kilometers. The block is located in south-west part of the Sultanate of Oman. Primary geological study for the Block indicates crude oil potential.
PTTEP President Maroot Mrigadat (นายมารุต มฤคทัต) announced he was pleased with the results, which were announced, by the Ministry of Oil and Gas (MOG). “We are delighted to have won the bid” which will allow the company greater opportunity to maximize the value of PTTEP assets and expertise through synergy, “From a regional perspective, it will help utilize our resource more effectively.” with opportunities for PTTEP to share technical knowledge and personnel.
Block 58 will be the second PTTEP project in Oman following on from the Oman 44 Project, which PTTEP acquired the Exploration and Production right in 2002 and is scheduled to commence production mid 2006.
The award was made subsequent to the evaluation of offers made under the recent bidding round which was closed on 1 January 2006. The signing of the Exploration and Production Sharing Agreement (EPSA) for the blocks is expected by June 2006. The EPSA will become effective after being ratified by Royal Decree of Sultanate of Oman.
For more information, please contact Sidhichai Jayant/ Tongchit Pongorapin/ Jakra Srinaganand
External Relations Department Tel. +66 (02) 537 4592, +66 (02) 537 4587, +66 (02) 537 4583