PTTEP increases stake in Contract 4 project offshore 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.