PTTEP to sell Oman unit to ARA Petroleum

2016-08-23 01:06:16

(MENAFN- Muscat Daily) Muscat-

Thai oil company, PTT Exploration & Production Pcl, has announced the sale of its Oman subsidiary, PTTEP Oman Co Ltd, to Muscat-based ARA Petroleum LLC, as part of its efforts at portfolio rationalisation.

PTTEP Oman holds a 100 per cent interest in Block 44.

'PTTEP wishes to announce that, on August 17, it has signed the sale and purchase agreement (SPA) to sell PTTEP Oman to ARA Petroleum LLC,' PTTEP said in a disclosure to the Stock Exchange of Thailand on Monday.

The company added that the completion of the SPA is subject to customary closing conditions, with the closing date expected in early fourth quarter of 2016. It did not disclose the size of the transaction as by the signed SPA.

The Block 44 project is a natural gas and condensate field located onshore, to the west of Muscat, with an acreage of 1,162sqkm. The project has been in commercial production since 2007; with an average output of 19mn ft3 per day of natural gas and 904 barrels per day of condensate in the second quarter of 2016, according to PTTEP.

PTTEP said the sale is part of its efforts on portfolio rationalisation, while it continues to explore new investment opportunities in the sultanate.

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