Gulf Oil and Gas accountACCOUNT

PTTEP Sold Its Stake in Montara Field

Source: www.gulfoilandgas.com 7/16/2018, Location: Not categorized

Share |
As part of portfolio rationalization, PTTEP announces the divestment of a 100% stake in the Montara field to align with the company’s business strategy aimed to focus on the operations and projects in the strategic locations.

Somporn Vongvuthipornchai, PTTEP Chief Executive Officer, said PTTEP Australasia (Ashmore Cartier) Pty Ltd, PTTEP’s subsidiary, has signed the Agreement for the Sale of Montara Asset to sell a 100% stake in the Montara field to Jadestone Energy (Eagle) Pty Ltd at the purchase value of USD 195 million. However, the value will be adjusted for working capital from the operations until the date of transaction completion expected this year.

Apart from the purchase value, PTTEP will have additional contingent consideration amounts of up to USD 160 million depending on certain production, oil price and future development milestones being achieved.

Completion of the sale is subject to the conditions as prescribed in the Sale and Purchase Agreement, including the Australian regulatory approvals from the National Offshore Petroleum Titles Administrator (NOPTA) and the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA).

“The sale of the Montara field is in alignment with our strategic direction in increasing investments in our focused areas in Southeast Asia and the Middle East, where we have experience and expertise. These areas have high petroleum potential, low cost structure as well as low risks that will help us add more petroleum reserves and enhance long-term growth for the company,” Somporn said.

The Montara field is located offshore Australia. The average production volume from the field in the first half of this year is about 7,694 barrels per day.

Acquisitions and Divestitures News in Australia >>

Indonesia >>  10/22/2018 - Indonesia has awarded two oil and gas blocks of six auctioned by the government, deputy energy minister Arcandra Tahar told reporters on Monday. ...
Oman >>  10/21/2018 - Malaysia’s Petroliam Nasional Berhad (Petronas) said its subsidiary would buy a 10 percent stake in Oman’s Al Khazzan gas field, following a bidding e...

Mexico >>  10/19/2018 - Petrofac Limited has completed the sale of 49% of the Company's operations in Mexico to Perenco (Oil & Gas) International Limited, following approval ...
New Zealand >>  10/19/2018 - Melbana Energy Limited provides the following update on the divestment of its 30% interest in its non-core New Zealand Permit PEP51153 (“Permit”). ...

Egypt >>  10/18/2018 - SDX Energy Inc., the North Africa focused oil and gas company, announces that, further to the announcement made on 20 September 2018, discussions rega...
Norway >>  10/18/2018 - Equinor has signed an agreement with PGNiG to sell its non-operated interests in the Tommeliten discovery on the Norwegian Continental Shelf (NCS) for...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Australia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 |

More News

 

Oil & Gas Companies in Australia >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.