Thailand’s PTTEP farms into Brazil

Oil drilling rigs06 April 2014, News Wires – Thailand-listed PTT Exploration & Production (PTTEP) has signed a farm-in agreement with BG Exploration & Production for four blocks in Brazil.

PTTEP president Tevin Vongvanich announced on Thursday that the company’s Brazilian subsidiary signed a deal to gain a 25% interest in four deep-water blocks.

This is the company’s first investment in South America.

The petroleum exploration blocks BAR-M-215, BAR-M-217, BAR-M-252 and BAR-M-254 cover about 3077 square kilometers of the Barreirinhas basin in the Atlantic Ocean off Brazil.

One the new partners have received approval from the Brazil National Agency of Petroleum, Natural Gas and Biofuels, PTEEP will hold a 25% interest in the blocks.

BG will remain as the operator holding 75% interest in the blocks.

Earlier this year, BG set out its plans to spud its first exploration well in the ultra-deep waters, by the end of next year.

The company is now focused on acquiring seismic.



– Upstream

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