PTT Exploration and Production Pcl. (SET: PTTEP) announced on Wednesday that its subsidiary PTTEP Energy Development Company Limited has been awarded the rights for petroleum exploration and production of Exploration Blocks No. G1/65 and G3/65 with 100% interest and operatorship from the Ministry of Energy’s 24th Bid Round for Offshore Exploration Blocks in the Gulf of Thailand.
PTTEP stated that the signing date for Production Sharing Contracts will be determined at a subsequent time.
This achievement aligns with PTTEP’s investment strategy, which aims to promote growth in strategic focus areas. The proximity of these blocks to the company’s current operations will enhance the potential for swift commercial development and cost optimization. Moreover, the production contribution from these 2 blocks would help alleviate the concern over Thailand’s energy security.
