PTTEP banking on Ghasha investmentThe Erawan gas block in the Gulf of Thailand, operated by PTT Exploration and Production Plc. PTT Exploration and Production Plc (PTTEP) expects its new investment in the Ghasha concession in the United Arab Emirates to increase its petroleum reserves, making them sufficient for sale for up to seven years. Additional reserves came after the company's wholly-owned PTTEP Mena Co signed a sale and purchase agreement to acquire a 10% stake in the Ghasha concession from Wintershall Dea Middle East GmbH, said Panporn Sasananan, senior vice-president for finance at PTTEP. According to Ms Panporn, the Ghasha concession includes a pioneering development which aims to operate at net-zero emissions. In 2024, PTTEP expects its petroleum sales to decrease due to the maintenance programmes of petroleum production facilities in the Gulf of Thailand.

Source: Bangkok Post August 08, 2024 06:47 UTC