Acquisition overview

PTT Exploration and Production Public Company Limited (PTTEP) has recently acquired a 10% stake in the Ghasha Concession, one of the largest Natural Gas fields in the United Arab Emirates (UAE). This move, confirmed on June 11, 2024, underscores PTTEP's expansion into the Middle East Energy market. The acquisition was made through PTTEP MENA Limited, a subsidiary of PTTEP, by signing a Sales and Purchase Agreement (SPA) with Wintershall Dea, a German Energy company.

Significance of the Ghasha Concession

The Ghasha Concession, located offshore in the western part of Abu Dhabi, is a critical asset in the UAE’s Energy sector. It is expected to produce over 1,500 million standard cubic feet per day (MMSCFD) of Natural Gas by the end of the decade. This significant output will contribute to the UAE’s goal of achieving gas self-sufficiency. Additionally, the project includes capturing 1.5 million metric tons of carbon dioxide per annum, aligning with global sustainability goals and PTTEP's commitment to net-zero emissions.

Importance for PTTEP

This acquisition not only enhances PTTEP's petroleum reserves but also strengthens its investment portfolio in the Middle East. According to Mr. Montri Rawanchaikul, CEO of PTTEP, the proximity of the Ghasha Concession to other PTTEP interests in the region, such as Offshore Blocks 1, 2, and 3, provides opportunities for further collaboration among joint venture partners. This positioning is expected to drive project success and operational synergies.

Broader impact and future prospects

PTTEP’s involvement in the Ghasha Concession is part of a broader strategy to expand its global footprint while adhering to sustainable practices. The company also participates in other key projects in the region, including the Sharjah Onshore Area A and C Projects and the ADNOC Gas Processing Joint Venture. These ventures reflect PTTEP's commitment to enhancing its Energy production capabilities and supporting the Energy transition in key markets.

Significant milestone in PTTEP's growth

PTTEP’s acquisition of a stake in the Ghasha Concession marks an important milestone in its expansion strategy. By boosting its petroleum reserves and reinforcing its presence in the Middle East, PTTEP is well-positioned to contribute to global Energy security while advancing its sustainability objectives. This move highlights PTTEP’s foresight and commitment to growth in the competitive Energy sector.

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