Thailand's PTTEP to acquire Partex Oil and Gas Holding Corp. for US$622mn
Thailand’s national oil and gas company, PTTEP, has announced it is to acquire the Portuguese Partex Oil and Gas Holding Corporation and their oil production facilities in Oman.
The deal also sees PTTEP acquire oil and gas projects in the United Arab Emirates (UAE), Kazakhstan, Brazil and Angola. In their 17 June press release, PTTEP said the deal was worth approximately $622mn, and paved the way for future investment in the region.
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“Partex has invested in Oman’s largest onshore oil field for more than 80 years,” said Phongsthorn Thavisin, PTTEP President and Chief Executive Officer. “This acquisition is not only a gateway for PTTEP to invest in one of the strategic areas of the Middle East’s oil and gas business, but also allows us to create new business partnership with both national oil companies of Oman and UAE, and world-class oil and gas players as we follow our Expand & Execute strategy.”
Oman and UAE are said to be the key parts of Partex’s portfolio. The acquisition, which is expected to complete by the end of 2019, will add 16,000 barrels per day of petroleum to PTTEP’s capacity and proved and probable reserves of approximately 65mn barrels of oil equivalent.
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