PTTEP Sells Stake in Nang Nuan Project to Nippon
PTTEP has entered into a farm-out Agreement with Nippon Oil Exploration Limited (NOEX) and changed its participation interest in the Nang Nuan Project (Block B6/27) from 100% to 60%. PTTEP will remain the operator and transfer a 40% stake to NOEX.
NOEX is a leading oil company from Japan and also a partner in the Yetagun Project, Myanmar, with extensive experience and success in producing petroleum from petroleum fields which are similar to Block B6/27. Consequently, NOEX will apply technical expertise in the assessment and development of Block B6/27. In exchange for the 40% participating interest, NOEX will fund certain G&G studies, exploration and drilling program.
The Nang Nuan Project is located in the Gulf of Thailand, approximately 25 kilometers offshore from Chumphon Province, covering an area of 1,307 square kilometers. However, this transaction will be effective after receiving an approval from the Thai government and the Supplementary Concession is signed.
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