Offshore staff

BANGKOK, Thailand -- PTT Exploration and Production Public Co. Ltd. and partners have won two Egyptian exploration blocks out of 12 blocks offered in the Egyptian Natural Gas Holding Co. International Bid Round 2006.

One of the blocks is onshore. The other, block 8, (Sidi Abd El Rahman offshore block) covers 4,294 sq km (1,658 sq mi) in the Mediterranean Sea.

Edison International SpA operates the block with 40% interest. PTTEP and Sipetrol International S.A. each hold 30%.

The minimum work commitment includes 3D seismic surveying and an exploration well drilling in the first three years.

PTTP says this success marks the company's first investment in Egypt and it is a major step for PTTEP in expanding its investment in the North Africa region.

"PTTEP is very delighted in winning the bids in Egypt. It is not only reinforcing our establishment in North Africa in addition to our investment in Algeria, but it also expanding our investment in the strategically focus country," says. Maroot Mrigadat, president of PTTEP.

Egypt has proved oil reserves of 3.7 Bbbl and natural gas reserves 68 tcf. Current production is 700,000 b/d of oil and condensate plus 5,900 MMcf/d of natural gas.

12/07/2006