PTTEP exits Brazil with new focus on AsiaThe Erawan gas field in the Gulf of Thailand. PTT Exploration and Production Plc (PTTEP) has exited its petroleum exploration and production business in Brazil by dissolving its subsidiary Participations and Explorations Corporation (PEC), as the company aims to focus more on investments in Asia. PEC halted its business operations last month after PTTEP decided last September to sell another subsidiary – PTTEP Brazil Investment BV – and all its other investments in Brazil. PTTEP Brazil Investment owns a 25% share in the offshore Barreirinhas AP1 crude oil exploration and production project as well as a 20% share in the BM-ES-23 project. The divestment marks the withdrawal of all of PTTEP's investments from Angola.
