PTTEP and Murphy Australia Oil Pty Ltd. had another breakthrough in their joint investment when they won the rights to explore for petroleum in a block in Australia. It comes only one week after the announcement that PTTEP had teamed with another Murphy entity to gain the rights for petroleum exploration in Indonesia.
Anon Sirisaengtaksin, CEO of PTT Exploration and Production Public Company Limited or PTTEP said that the company received the rights for petroleum exploration in Block WA-423-P after participating in the 2008 Australian bidding round. Only last week PTTEP received the similar rights for Block Semai II in Indonesia.
Block WA-423-P covers an area of about 4,000 square kilometers and is considered as having high petroleum potential. This Block is situated in the Browse Basin, off the northwestern coast of Australia where several giant natural gas fields have been discovered. It is also close to Block AC/P36 where PTTEP had earlier invested in. PTTEP will hold 30% share in the block while Murphy Australia Oil Pty Ltd., the operator, holds 70% share.
During the first 3 years, the consortium will conduct 3D seismic survey and drill at least 1 exploration well.
Australia is a country that international oil companies are interested in. The country has high natural gas potential and PTTEP sees the cooperation with Murphy which already is a partner in Block AC/P36 in Australia as a good opportunity for future business.
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