PTTEP Ready to Begin Egyptian Exploration Program
PTT Exploration and Production Public Company Limited and its joint venture partners have recently signed Concession Agreements for two exploration blocks with the Government of the Arab Republic of Egypt.
PTTEP President Mr. Maroot Mrigadat said that Egyptian Minister of Petroleum, H.E. Sameh Fahmy, signed the petroleum Concession Agreements with PTTEP and its joint venture partners for Rommana Block and Sidi Abd El Rahman Offshore Block. These blocks were part of 12 blocks offered in the EGAS International 2006 Bid Round organized by the Egyptian Natural Gas Holding Company ("EGAS").
The Rommana Block, which has good potential of natural gas and condensate, covers an area of 6,184 square kilometers. It is situated onshore in the Sinai Peninsular in the northeastern part of Egypt. PTTEP's joint venture partners for this block are Sipetrol International S.A. as the operator with 40% interest and Centrica Resources Limited, a subsidiary of Centrica plc, with 30% interest. PTTEP holds the rest of 30% interest.
The Sidi Abd El Rahman Offshore Block which has crude oil potential, covers an area of 4,294 square kilometers. It is situated in the Mediterranean Sea, northwest of Egypt. Edison International SpA is the operator with 40% interest. PTTEP and Sipetrol International S.A. each holds 30% interest in this block.
Mr. Maroot said that PTTEP and its joint venture partners are ready to commence the exploration program on these two blocks. Next year, the 3D seismic survey will be carried out and the drilling of exploration wells will be followed in 2009.
These two projects are the first PTTEP's investment in Egypt. They will expand the company's presence in Africa in addition to PTTEP's project in Algeria which already have oil discovery.
Mr. Maroot also noted that PTTEP is still seeking expansion opportunities in Egypt and Africa as a whole because it is the area with very high petroleum potential and near the European market which has strong demand for oil and gas. Besides, Egypt and Algeria which PTTEP has already invested together with strong partners; PTTEP is also seeking investment opportunity in other African countries, namely, Libya, Nigeria, and Angola.
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