PTTEP buys out Chevron in key Malaysia-Thailand gas block

BANGKOK, July 28, 2025 – PTTEP has acquired the 50% participating interest held by Chevron in Block A-18 within the offshore Malaysia–Thailand Joint Development Area (MTJDA) for USD 450 million, PTTEP announced on Friday.

To obtain the stake, PTTEP subsidiary PTTEP Joint Development SG has bought 100% of the outstanding shares in two subsidiaries of Hess International Oil Corporation that participated in the block and were owned by Chevron following the completion of its takeover of Hess.

Block A-18 includes the Cakerawala, Bumi, Suriya, Bulan and Bulan South fields, and started production in 2005. It currently yields about 17 mcm (600 mcf) per day of natural gas that is split equally between Thailand and Malaysia. The share accruing to Thailand accounts for approximately 6% of domestic gas demand.

The MTJDA covers approximately 7,250 square kilometres in the Gulf of Thailand and consists of blocks A-18, B-17 and B-17-01. The A-18 acquisition adds to PTTEP’s 50% interest in Block B-17-01, which came on line in 2010 and is currently producing around 8.5 mcm (300 mcf) for Thailand and Malaysia.

“PTTEP is pleased to further expand our operations in the MTJDA, which is recognised for its petroleum potential and strategic significance to Thailand’s energy security. Apart from the existing producing fields, Block A-18 includes several discovered gas fields awaiting development to unlock their full potential,” said PTTEP CEO Montri Rawanchaikul.

Development of new production wells, wellhead platforms and gas pipelines will follow the completion of the acquisition.

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