PTT Exploration and Production Public Company Limited or PTTEP has signed a farm in agreement with TOTAL E&P Bangladesh, a wholly owned subsidiary of TOTAL S.A. to become a partner in Blocks 17 and 18 in Bangladesh operated by TOTAL E&P Bangladesh, marking its first venture in petroleum exploration and production in South Asia.
The agreement will give PTTEP Bangladesh Limited, a wholly owned subsidiary of PTTEP, a 30% interest in these blocks upon receiving approval from the Government of the People's Republic of Bangladesh and consent from the other partners who are Tullow Bangladesh Limited (32%), Okland Bangladesh Limited (4%) and Rexwood Offshore Holdings Limited (4%).
Blocks 17 and 18 cover an area of 13,724 square kilometers and are situated 150 kilometers away from Chittagong, the second largest province of the country. The area is considered as having high gas potential because it is only 40 kilometers south of Sangu, a gas field now in operation and 80-kilometers north of Shwe gas field in Block A1 in Myanmar.
Maroot Mrigadat, President of PTTEP said "Last year, we expanded our investment to four more countries namely Egypt, Bahrain, New Zealand and Australia while in 2008 we entered into Bangladesh. It gives us a chance to work with many oil firms from all over the world. These new partnerships will give us new connections which will in the end help us to further expand our business to new frontiers."
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