PTT Exploration and Production Public Company Limited (SET: PTTEP) announced via the Stock Exchange of Thailand (SET) that on 20 April 2022, PTTEP Energy Development Company Limited (PTTEP ED), a wholly owned subsidiary of PTTEP and an operator of G1/61 and G2/61 Project, together with Department of Mineral Fuels as sellers, have entered into Gas Sale Agreement, Condensate Sale Agreement and Crude Sale Agreement with PTT Public Company Limited and PTTEP ED will become an operator under a Production Sharing Contract of both projects from 24 April 2022 onwards.
PTTEP ED has also reached an agreement with MP G2 (Thailand) Limited, a subsidiary of Mubadala Petroleum (Thailand) Holdings Limited (Mubadala), for PTTEP ED to be a sole investment operator and shall recognize all revenues and costs from the petroleum produced with effective date from 1 December 2021. This will assure continual petroleum production per development plan, as well as strengthening the country’s energy security.
PTTEP is confident that, with its extensive operatorship experience in the petroleum exploration and production in the Gulf of Thailand together with a clear and well-prepared operating plan, the company will be able to continue operations safely and seamlessly under the Production Sharing Contract of both projects.
