PTTEP signs concession agreements in Egypt

PTT Exploration and Production Public Co. Ltd. and its joint venture partners have signed concession agreements for two Egyptian exploration blocks.

Offshore staff

EGYPT -- -- PTT Exploration and Production Public Co. Ltd. and its joint venture partners have signed concession agreements for two Egyptian exploration blocks.

Egyptian Minister of Petroleum H.E. Sameh Fahmy signed the petroleum concession agreements with PTTEP and its joint venture partners for the Rommana block on the Sinai Peninsula and the Sidi Abd El Rahman block in the Mediterranean Sea. The two blocks were part of a 12-block offering in the EGAS International 2006 bid round organized by the Egyptian Natural Gas Holding Co.

These two projects are the first PTTEP investment in Egypt. They will expand the company's presence in Africa, the company says.

Next year, a 3D seismic survey will be carried out in Egypt. Exploration wells will be drilled in 2009.

Edison International SpA operates the Sidi Abd El Rahman block with 40% interest. Partners include PTTEP with 30% interest and Sipetrol International SA with the remaining 30%.

9/26/2007

More in Company News