PTTEP Completes Partex Acquisition

Thai state-run PTT Exploration and Production (PTTEP) has closed the deal to acquire Partex Holding from Portugal’s Calouste Gulbenkian Foundation for approximately $622mn, it said November 4 in a stock exchange filing.

This acquisition, which was announced in June this year, will add sales volume of 16,000 barrels of oil equivalent/day as well as proved and probable reserves of approximately 65mn barrels of oil equivalent to PTTEP’s working interest, the company said. Partex has investments in seven oil and gas projects in Oman, the United Arab Emirates, Kazakhstan, Brazil and Angola.

This is the second major acquisition in the upstream sector for PTTEP in the last few months. In March, it acquired Murphy Oil’s assets in Malaysia for $2.13bn.