Thailand's PTT Exploration and Production Public Co. Ltd. (PTTEP) announced Wednesday that its subsidiary PTTEP International Ltd. (PTTEPI) and Malaysia's PETRONAS Carigali (JDA) Sdn Bhd have signed the Supplementary Contract No. 2 to the Production Sharing Contract (PSC) for Block 17-01 in the Malaysia-Thailand Joint Development Area (MTJDA) located in the southern part of the Gulf of Thailand.
Under the contract, PTTEPI and PC JDA will accelerate exploration activity in the marginal fields in the PSC in order to supply petroleum to both Thailand and Malaysia.
"The objective of the contract is to increase the cost recovery in the MTJDA," PTTEP said in the press release.
PTTEPI and PC JDA -- a unit of Malaysia's national oil company Petroliam Nasional Berhad's (PETRONAS) subsidiary PETRONAS Carigali -- each holds 50 percent interest in Block 17-01, with the PSC operated by Carigali-PTTEPI Operating Co. Sdn Bhd (CPOC).
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