PTTEP Farms Out its Indonesian Offshore Blocks to Total

Thailand’s PTT Exploration and Production Public Company Limited (PTTEP) announced today that it has agreed to dilute its share in three deep-offshore exploration blocks in the Makassar Strait in Indonesia to French supermajor Total.

The farm-out agreement includes the dilution of PTTEP’s 33% share in South Mandar block and 10% share in Sadang block together with 10% share in South Sageri block. PTTEP now holds: 34% share and remains the operator in South Mandar block, with Talisman (33%) and Total (33%); 30% share in Sadang block, with Talisman (40% and Operator) and Total (30%); and 20% share in South Sageri block, with Talisman (35% and Operator) and Total (45%).

Mr. Anon Sirisaengtaksin, PTTEP’s President and CEO, said that the dilution in exploration blocks is one of PTTEP strategies to manage the company’s exploration portfolio. PTTEP believes that Total, PTTEP’s long time strategic partner in the Gulf of Thailand, will bring its recognized worldwide deep-offshore technology and experiences to their assets in Indonesia.

In Indonesia, PTTEP also owns 100% interest of Malunda block in the Makassar Strait and a 28.33% interest of Semai II block, offshore southwest of West Papua, in partnership with Murphy, INPEX and Pertamina.

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Offshore Energy Today Staff, January 13, 2012; Image: Total