Thai PTT energy mega-group's subdivision will produce oil in Kazakhstan

The Kazakh Embassy took part in the final arrangements for the acquisition by the Thai oil and gas giant PTT Public Company Limited (PTT) of the Portuguese Partex Holding B.V., which owns a 20% stake in the Dung project in Mangistau region of Kazakhstan. The operator of this project is the French “Total” with 60%, 20% - owns by “Oman Oil Company”.

It is known that in July 2019, the Minister of Energy of the Republic of Kazakhstan, K.Bozumbayev signed an agreement with the project partners, according to which the term of the Production Sharing Agreement for the Dunga field is extended for 15 years (2024-2039). Thus, the partners committed to invest $300 million during the said period, which will increase the maximum level of oil production from the current 600 K tons to 850 K tons per year.

The cost of the PTT Exploration and Production (PTTEP) transaction amounted to about $ 622 million, allowing the company to become part of the consortium in the largest upstream oil and gas production assets in 5 countries.

According to the President and Chief Executive Officer of PTTEP Mr. P.Thavisin, this acquisition not only allows PTTEP to invest in one of the strategic areas of the oil and gas business, but also to establish a new business partnership in the Middle East.

Thai PTT energy concern is one of the twenty largest oil and gas companies in the world. In October 2019, PTTEP reported high rates for 9 months of the current year with a net profit growth of 39% compared to the same period in 2018. The company's revenue was about $ 1.185 billion, net profit in 2018 – was $ 851 million.

Created at : 18.11.2019, 18:20, Updated at : 18.11.2019, 20:20