PTTEP Granted Exploration License in Iran

PTTEP will sign a deal with NIOC to become the operator and have a 100% stake in the Petroleum Exploration and Development Project of Saveh Block.

Saveh Block is located onshore, approximately 200 kilometers south of Tehran, covering an area of 13,500 square kilometers. PTTEP Iran Company Limited has been awarded with a 25-year contract to carry out petroleum exploration and development of the Saveh Block. The investment in Iran is another important milestone for PTTEP in expanding its investment base in the Middle East region. Iran has the second highest potential petroleum reserves of any country worldwide, and is currently the second largest petroleum producer in OPEC.