January 8, 2008
BANGKOK - PTT Exploration and Production (PTTEP) has signed a deal to take a 30 percent stake in a project to explore the natural gas in Bangladesh.
The deal with Total E&P Bangladesh marks the company's first move into South Asia, according to AFP.
Total E&P Bangladesh is a subsidiary of French oil company Total.
It still requires approval from Bangladeshi government as well as from other partners in the project, PTTEP President Maroot Mrigadat said in the statement.
The project’s main partner: Tullow Bangladesh Ltd will explore offshore for natural gas in two blocks off Chittagong province.
Tullow Bangladesh Ltd is a unit of UK oil and gas company Tullow Oil Plc.
The area is believed to have high potential because it is situated between two fields that are already productive.
Last year, PTTEP expanded its investment in Egypt, Bahrain, New Zealand and Australia, as energy-hungry Thailand looks ever farther afield to satisfy the needs of its own growing economy.
"These new partnerships will give us new connections which will in the end help us to further expand our business to new frontiers," Maroot said.
