PTTEP Awarded Block 58 in Oman

PTT Exploration and Production (PTTEP) reports that it has placed the winning bid for exploration and production rights to an onshore block in Oman. The Thai state-run company expects to sign an Exploration and Production Sharing Agreement (ESPA) by June.

Block No. 58 covers an approximately 2,200-square-kilometers in southwestern Oman. PTTEP said that early geological studies indicate crude oil potential. The block will be PTTEP's second project in the sultanate after the Oman 44 Project, which is set to begin production in mid-2006.

"We are delighted to have won the bid” which will allow the company greater opportunity to maximize the value of PTTEP assets and expertise through synergy," said Maroot Mrigador, PTTEP's president.

The award was made following Oman's recent bidding round, which closed on January 1. The EPSA will become effective after being ratified by royal decree.