Page 15 - AsianOil Week 48 2021

AsianOil NEWS IN BRIEF AsianOil

PTTEP to acquire stakes in

onshore exploration block
in UAE

PTTEP is looking to further expand
investment in the Sharjah Emirate of the
United Arab Emirates (UAE) by acquiring
25% participating interest in the Concession
Area C onshore the Emirate of Sharjah, from
Eni Sharjah B.V. The investment aligns with
PTTEP’s strategic focus on petroleum prolific
area in the Middle East.
Montri Rawanchaikul, Chief Executive
Officer of PTT Exploration and Production
Public Company Limited (PTTEP), revealed
that the company’s subsidiary, PTTEP MENA The budget is also allocated to activities Akatara gas sales
Limited, has signed a Farm-in/Farm-out related to environment, society and corporate
Agreement to acquire 25% stake in the governance (ESG). agreement signed
Concession Area C from Eni Sharjah B.V., a Montri Rawanchaikul, Chief Executive
subsidiary of Italy-based Energy Company Officer of PTT Exploration and Production Jadestone Energy, an independent oil and gas
Eni. Public Company Limited (PTTEP), said production company focused on the Asia-
Area C is situated in the central part the company has set aside 2022 total Pacific region, is pleased to announce that a gas
of Sharjah Emirate, covering an area expenditure for PTTEP and its subsidiaries sales agreement (“GSA”) for the Akatara field,
approximately 1,184 square kilometers. Eni at USD 5,666 million (equivalent to THB located within the Lemang production sharing
has been awarded this exploration block 190,036 million), of which USD 3,217 contract (PSC), was signed today at an industry
in early 2019. The block has high gas & million (equivalent to THB 107,895 conference in Indonesia.Paul Blakeley, President
condensate potential with the possibility of million) is allocated for Capital Expenditure and CEO commented: “Reaching this key
integrating with surrounding fields which (CAPEX) and USD 2,449 million milestone less than 12 months after closing the
previously made successful discovery of large (equivalent to THB 82,141 million) is for acquisition of our original stake in the Lemang
gas & condensate resources and are equipped Operating Expenditure (OPEX). The key PSC is testament to the hard work, rigour and
with infrastructure and facilities as well as business objectives are as follows; focus of the Jadestone team, and they should
market demands for petroleum output. Maintaining production plateau of the be proud of what they have achieved. I would
The acquisition will be completed after existing projects including the Bongkot also like to thank the Indonesian Government
fulfilling all conditions in the agreement and Project, the Arthit Project, the S1 Project, the and the gas purchaser PLN for their positive
obtaining all necessary government approvals, Malaysia Project, the Oman Block 61 Project, approach during the GSA negotiations.
with an expected completion date within the Zawtika Project, as well as carrying out “The development of the Akatara gas
2021. final preparations for operations of the G1/61 field will not only displace coal in Indonesia’s
Upon the completion of the acquisition, (Erawan field) and G2/61 Projects (Bongkot energy mix, thereby assisting the transition
Eni Sharjah B.V. (Operator) will hold 50% field). CAPEX allocation for this plan is to a lower carbon economy, but will also
participating interest while SNOC will hold totaled USD 2,494 Million (equivalent to THB deliver LPGs for domestic use in the local
25% and PTTEP MENA 25% accordingly. 83,661 million). market. Once onstream, Akatara will support
According to the exploration plan, 3D Increasing future production volume by our growth strategy, while at the same time
Seismic survey is being conducted on the advancing the development of three major increasing the proportion of gas in our
block during late 2021 – 2022 to assess its projects including the Mozambique Area production mix. Fixed-price, low-opex gas
hydrocarbon potential. 1 Project, the Sarawak SK410B Project, a production provides a balance to our existing
PTTEP, December 3, 2021 successful petroleum discovery with Lang oil assets, and has the added benefit of
Lebah appraisal well earlier this year, and reducing the GHG emissions intensity of the
PTTEP earmarks 5-year the Algeria Hassi Bir Rekaiz Project (Phase Company’s operations. Signature of the GSA
is the key commercial hurdle for the project
2) to achieve planned production start-up
investment budget of timelines. CAPEX worth USD 457 million and increases our confidence in taking a final
(equivalent to THB 15,312 million) is
investment decision for the project in the
$27.16bn allocated to support such activities. first half of 2022, with production expected
Accelerating exploration activities to
onstream in the first half of 2024.”
PTTEP unveils its 2022 investment plan and enhance contingent resources for supporting Jadestone currently has a 90% interest
5-year investment plan (2022-2026) with long term growth. Total CAPEX set to in the Lemang PSC, and on 24 November
primary focuses on maintaining production expedite these activities is USD 262 million 2021 announced the acquisition, subject to
volumes and increasing petroleum reserves (equivalent to THB 8,788 million), which customary approvals, of the remaining 10%
from major assets, developing key projects main activities include the drilling of interest in the PSC. The local government
adding to future production volume as well as exploration and appraisal wells in Malaysia, has a back-in right of up to 10% (uncarried
capturing new business opportunities to foster United Arab Emirates and Mexico. interest) at the time of development sanction.
sustainable growth during energy transition. PTTEP, December 1, 2021 JADESTONE ENERGY, December 1, 2021

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