PTT and PTTEP Sign Oman Crude Oil Agreement to Foster National Energy Security and National Economy

Thursday 11 November 2021 17:24
Mr. Auttapol Rerkpiboon, President and Chief Executive Officer of PTT Public Company Limited (PTT) has presided over the signing ceremony of the Sale and Purchase Contract of Oman Crude between PTT and PTTEP Oman E&P Corporation (POC) and PTTEP MENA Limited. The contract has been signed by Mr. Disathat Panyarachun, Senior Executive Vice President, International Trading Business Unit, PTT, and Mr.Montri Rawanchaikul, Chief Executive Officer, PTT Exploration and Production Public Company Limited (PTTEP). Mr. Kris Imsang, Chief Operating Officer, Downstream Petroleum Business Group, PTT, also witnesses the signing ceremony.
PTT and PTTEP Sign Oman Crude Oil Agreement to Foster National Energy Security and National Economy

Mr. Disathat Panyarachun, Senior Executive Vice President, International Trading Business Unit, PTT said Oman crude is widely recognized as one of the most important crude benchmark in the world. PTT's International Trading Business Unit wins the Sale and Purchase agreement with PTTEP Oman E&P Corporation and PTTEP MENA Limited for the total of 5 million barrels of Oman crude oil delivery from January - June 2022. This Oman crude will provide further trading opportunities, including out-out trading, and profits to the company and Thailand. Under the corporate governance policy, the signing ceremony of the Purchase and Sale Contract of Oman Crude between PTT and PTTEP Oman E&P Corporation and PTTEP MENA Limited has remarked an another successful milestone of PTT's International Business Unit with an attempt to increase trading capability and network worldwide.

Mr.Montri Rawanchaikul, Chief Executive Officer, PTTEP said PTTEP has returned to Oman in 2019 through the acquisition of Partex Corporation which later transformed into PTTEP Oman E&P Corporation (POC) and currently acquires 2 onshore producing petroleum blocks. The PDO (Block 6) Project has a total oil production volume approximately of 610,000 barrels per day and Mukhaizna (Block 53) Project holds approximately 120,000 barrels per day. Earlier this year in February 2021, PTTEP further acquired 20% in Block 61 Sultanate of Oman ("Oman Block 61") thru PTTEP MENA Limited (a subsidiary of PTTEP) which adds on condensate production volume around 65,000 barrels per day. By combining equity portion of the 3 Projects, PTTEP holds approximately 23,000 barrels per day of crude oil. The projects have allowed PTTEP further investment, create energy security, as well as generate revenue to the country.

Source: PTT