Thailand’s PTTEP acquired Partex Holding US$622 million, taking on its participation in Middle East projects, which include Oman’s largest onshore producing asset.
PTTEP (PTT Exploration and Production Public Company Limited) said its subsidiary PTTEP HK Holding signed a Share Purchase Agreement (SPA) to acquire 100 per cent of Partex Holding B.V. (Partex) from Calouste Gulbenkian Foundation.
Currently Partex invests in seven oil and gas projects, covering both upstream and midstream in 5 countries; Oman, the United Arab Emirates (UAE), Kazakhstan, Brazil and Angola, of which Oman and UAE are the key countries of Partex’s investment.
“Partex has invested in Oman’s largest onshore oil field for more than 80 years,” said Phongsthorn Thavisin, PTTEP president and chief executive officer. “This acquisition is not only a gateway for PTTEP to invest in one of the strategic areas of the Middle East’s oil and gas business, but also allows us to create new business partnership with both national oil companies of Oman and UAE, and world-class oil and gas players as we follow our Expand & Execute strategy.”
The acquisition, which is expected to complete by the end of this year, will add petroleum sales volume by 16,000 barrels per day (BPD) as well as proved and probable reserves approximately 65 million barrels of oil equivalent (BOE) according to PTTEP’s working interest.
The key investments under Partex’s portfolio include PDO (Block 6) project, the largest onshore producing oil asset in Oman with considerable petroleum potential. The project, in which Partex holds 2 per cent interest, covers around 100,000 square kilometers or one third of the country’s area.
Total oil production volume in 2018 was approximately 610,000 BPD, accounting for around 70 per cent of Oman’s total oil production. PDO, the operating consortium, is the operator of the project.
The Mukhaizna (Block 53) Project is the large producing oil field in Oman, in which Occidental Petroleum Corporation is the operator. Total oil production volume in 2018 was approximately 120,000 BPD, accounting for around 13 per cent of Oman’s total oil production. At present, Partex holds 1 per cent interest in the project.
Oman LNG Project (OLNG) is the only gas liquefaction complex in Oman, consisting of three liquefaction trains with total LNG production capacity of 10.4 million tons per annum (MTPA). Oman LNG LLC is the operator of the OLNG. At present, Partex holds 2 per cent interest in the project.
ADNOC Gas Processing Project (AGP) is the largest gas processing complex in Abu Dhabi, UAE, with total capacity of 8 billion cubic feet per day (BCFD) and operated by Abu Dhabi National Oil Company (ADNOC). The gas processing plants in which Partex holds 2 per cent interest have processing capacity of 1.2 BCFD.
The Dunga Project is a producing oil field in Kazakhstan with production rate of 15,000 bpd. TOTAL is the operator. At present, Partex holds 20 per cent interest in the project.
The Potiguar Project is a producing oil field in Brazil with production volume in 2018 at 300 bdp. At present, Partex holds 50 per cent interest and is the operator of the project.
The Block 17/06 Project is the pre-development asset in Angola. The project, operated by TOTAL, is confirmed of the petroleum potential and is on the process of Final Investment Decision (FID). Partex holds 2.5 per cent interest in the project.