Thailand's PTTEP, Oman's OOCEP Sign MOU to Cooperate in Upstream Sector

Thailand's PTT Exploration and Production Public Co. Ltd. (PTTEP) announced Monday that the company had signed a memorandum of understanding (MOU) July 10 with Oman Oil Co. Exploration and Production (OOCEP), a subsidiary of Oman Oil Co. S.A.O.C. (OOC), to share information and experience in relevant areas and exchange technical information and data to identify and progress areas of mutual interests in the upstream oil and gas sector.

PTTEP President and CEO Somporn Vongvuthipornchai and OOC CEO Isam Bin Saud Al Zadjali signed the MOU.

“We are delighted that OOCEP and PTTEP, the two national oil companies, have come up to this MOU. PTTEP has been operating in Oman for over 10 years. And it is PTTEP’s intention to explore for more business cooperation and opportunities for mutual benefit of the two parties, both in Oman and Thailand,” Somporn said in the press release.

The Thai company operates its 100 percent owned Oman Block 44 in the Middle Eastern country, producing an average of 23 million standard cubic feet per day (MMscf/d) of gas and 1,300 barrels per day of condensate during the first quarter of 2016.

OOCEP is one of the core verticals of OOC Driving investments in exploration and production in operated and non-operated assets both inside and outside Oman.

“OOCEP and PTTEP will explore potential cooperation opportunities between the two parties to achieve synergy in oil and gas upstream sector. Both parties will discuss areas of mutual interests to identify business initiatives and investment areas,” Isam Al Zadjali commented.

PTTEP has been active in recent years seeking to acquire upstream assets to meet growing energy demand in Thailand. The company indicated at an analyst meeting May 16 that it will continue to evaluate new investment opportunities, covering producing or near-term producing assets and prospective exploration blocks, including Southeast Asia.