PTTEP now controls Hess subsidiaries Hess Thailand Holdings (HTH) and Hess Exploration Thailand (HET).
The companies own a 15% interest in Block B12/27 in the Pailin, Morakot and Ubon fields and Block G7/50 of the Contract 4 project.
They also own a 35% interest in Block EU-1 and Block E5 North of the Sinphuhorm project.
The total payment for the transaction will be funded through PTTEP’s cash.
PTTEP said the transaction closed on Tuesday.
Chief executive Tevin Vongvanich said this acquisition was part of the company’s growth strategy by adding producing assets and strengthening investment in Thailand.
The company’s production volume after the transaction will increase to about 17,000 barrels of oil equivalent per day.
Contract 4 project is a natural gas field...
