PTTEP divests from Australian field
Australia
BANGKOK, July 16, 2018 – Thailand’s PTTEP has agreed to sell its 100% stake in the Montara field offshore Australia for USD 195 million, the company announced on Monday.
Jadestone Energy, the buyer, will pay up to USD 160 million in additional payments contingent on future output and market conditions.
“The sale of the Montara field is in alignment with our strategic direction in increasing investments in our focused areas in Southeast Asia and the Middle East, where we have experience and expertise,” said Somporn Vongvuthipornchai, PTTEP’s CEO. “These areas have high petroleum potential, low cost structure as well as low risks that will help us add more petroleum reserves and enhance long-term growth for the company.”
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