PTTEP to acquire 20% interest in Concession BM-ES-23 offshore Brazil

PTTEP to acquire 20% interest in concession BM-ES-23 offshore Brazil

BANGKOK, Thailand -- PTTEP Brazil Investments in Oil and Gas Exploration and Production (PTTEP BL), a subsidiary of PTTEP, has entered into an agreement to acquire a 20% participating interest, from Shell Brasil Petroleo, in Concession BM-ES-23 in the Federal Republic of Brazil.

The concession is located in the Espirito Santo basin, in the deep waters offshore Brazil, covering an area of approximately 550 sq km.

Upon approval from the ANP, PTTEP BL will hold a 20% participating interest in the concession, with Petrobras, the operator, holding 65% and Inpex 15%. The JV partners plan to conduct exploration and appraisal drilling during 2014-2015.

This agreement is subject to the approval of Brazil's National Agency of Petroleum, Natural Gas and Biofuels (ANP).

Currently, PTTEP holds a 25% participating interest in four exploration blocks under Barreirinhas AP1 project, which is located in Barreirinhas basin in Brazil.