MEOG: PTTEP picks up Ghasha stake

Thailand’s PTT Exploration & Production (PTTEP) this week acquired a 10% stake in the UAE’s offshore Ghasha concession from Germany’s Wintershall Dea, concluding the latter’s effort to divest.

In a press release, PTTEP CEO Montri Rawanchaikul said that the firm had signed a sales and purchase agreement (SPA) with Wintershall Dea to buy its 10% participating interest in Ghasha.

“The acquisition of the Ghasha concession, a significant natural gas field, marks an important step in strengthening PTTEP’s Middle East investment portfolio. Additionally, the proximity of the concession location will pave the way for further collaboration among the joint venture partners that will be beneficial to the project achievement,” Montri said.