Sat. Jul 13th, 2024

PTTEP Enters into a Large Gas Field in the UAE Immediately Increasing Reserves and Expanding Foothold in Strategic Investment Area

PTTEP acquires a 10% participating interest in the Ghasha Concession, one of the largest natural gas fields in the United Arab Emirates which aims to operate with net zero emissions. This strategic investment will immediately add the company’s petroleum reserves.

Mr. Montri Rawanchaikul, Chief Executive Officer of PTT Exploration and Production Public Company Limited (PTTEP), revealed that PTTEP MENA Limited, a subsidiary of PTTEP, has signed a Sales and Purchase Agreement (SPA) with Wintershall DeaMiddle East GmbH, a German energy company to buy a 10% participating interest in the Ghasha Concession, a sizable natural gas field offshore Abu Dhabi in the United Arab Emirates (UAE). This transaction has been approved by the relevant regulatory authorities and will add company’s petroleum proved reserves in line with company’s strategic plan.

“The acquisition of the Ghasha Concession, a significant natural gas field, marks an important step in strengthening PTTEP’s Middle East investment portfolio. Additionally, the proximity of the concession location will pave the way for further collaboration among the joint venture partners that will be beneficial to the project achievement,” said Mr. Montri.

Located offshore in the western part of Abu Dhabi, the Ghasha Concession is set to produce more than 1,500 million standard cubic feet per day (MMSCFD) of gas before the end of the decade. Moreover, the project will capture 1.5 million metric tons per annum (MMtpa) of carbon dioxide as it aims to operate with net zero emissions.

The Ghasha Concession Area is situated in the proximity of Offshore Blocks 1, 2 and 3 where PTTEP holds a participating interest in these exploration concessions.

In addition, PTTEP also participates in Sharjah Onshore Area A Project, Sharjah Onshore Area C Project, and ADNOC Gas Processing (AGP) Joint Venture.

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