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2014-09-22 17:40:00

THAI BUYS BRAZIL

THAI BUYS BRAZIL

Thailand's top oil and gas explorer, PTT Exploration and Production Pcl, has agreed to acquire a 20 percent stake in Brazilian offshore oil and gas concession BM-ES-23 from Royal Dutch Shell for an undisclosed sum.

The acquisition is a milestone for PTTEP's expansion in South America, a region with high petroleum potential, the Thai firm said in a statement on Monday.

The concession is located in the Espirito Santo Basin, in a deepwater block covering about 550 square km (212 square miles). The joint venture partners plan to conduct exploration and appraisal drilling in 2014 and 2015, the statement said.

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Tags: THAILAND, PTTEP, SHELL, OIL, GAS, BRAZIL
Chronicle:
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