PTTEP makes its first investment in Brazil deepwater

Posted on 09 April 2014

A subsidiary of Thailand’s PTTEP has signed a farm-in agreement with BG E&P Brasil for four predominantly deepwater blocks, marking PTTEP’s initial foray into South American E&P. “The signing of this agreement with BG Brasil is a significant and the first step for PTTEP to expand its investment in South America, which is one of the highest potential oil resources of the world,” Tevin Vongvanich, PTTEP President and CEO, said.

The four exploration blocks – BAR-M-215, BAR-M-217, BAR-M-252 and BAR-M-254 – cover approximately 3,077 sq km in the northeastern deepwaters of the Barreirinhas Basin offshore Brazil.

Upon approval of the deal by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels, PTTEP Brasil will hold 25% interest while operator BG Brasil will hold the remaining 75%. The companies plan to conduct 3D seismic surveys of the area to assess its preliminary potential. “This year, the joint venture partners plan to commence a multi-client 3D seismic survey in the four blocks,” Mr Vongvanich said.

PTTEP currently has more than 40 E&P projects in Southeast Asia, Middle East, Africa, Australia, North America and now also South America.

Leave a Reply

*

FEATURED MICROSITES


Recent Drilling News

  • 30 January 2015

    Chevron, BP, ConocoPhillips advancing Paleogene discoveries in deepwater GOM

    Chevron and BP will collaborate with ConocoPhillips to explore and appraise 24 jointly-held offshore leases in the northwest portion of Keathley Canyon...

  • 29 January 2015

    PetroQuip deploys BigFoot toe sleeve in Anadarko Basin

    PetroQuip Energy Services successfully implemented its revolutionary toe sleeve, BigFoot, in a recent horizontal completion for an independent operator...

  • 27 January 2015

    US EIA: Lower 48 oil production outlook stable despite expected rig count reduction

    The sharp decline in oil prices over Q4 2014, which has continued in January, is already having a significant effect on drilling activity in the US, according...

  • 27 January 2015

    Hess announces 2015 capital, exploratory budget

    Hess Corp announced a 2015 capital and exploratory budget of $4.7 billion, a 16% reduction from its 2014 actual spend of $5.6 billion. Of this, $2.1 billion (45%) is budgeted for unconventional shale resources...

  • 26 January 2015

    Young professionals program at SPE/IADC Drilling Conference to target future leaders of the industry

    The oil and gas industry is constantly looking to the future. Whether this comes in the form of pushing the limits of pressure...

  • Read more news