Thailand’s PTT Exploration and Production has announced its subsidiary has signed an agreement with BG E&P Brasil for a 25 percent stake in four deepwater blocks in offshore Brazil.
PTTEP Chief Executive Tevin Vongvanich said the signing of the deal is the first step for PTTEP to expand its investment in South America, one of the world’s highest potential oil resources.
The four blocks — BAR-M-215, BAR-M-217, BAR-M-252 and BAR-M-254 — cover an area of about 1,190 square miles of the Northeastern deep water of the Atlantic Ocean, in the Barreirinhas basin.
BG Brasil is a subsidiary of oil and gas producer BG Group.
PTTEP’s subsidiary will hold 25 percent stake in the blocks. The blocks will be operated by BG Brasil who will hold the remaining 75 percent.
The deal is pending approval from Brazil’s National Agency of Petroleum, Natural Gas and Biofuels.