PTT Exploration and Production Public Company Limited said Wednesday it agreed to buy 100% equity stakes of the subsidiaries of Hess Corporation in Thailand.
The Hess subsidiaries — Hess Thailand Holdings II Limited and Hess Exploration Thailand Company Limited — own a 15% interest in block B12/27 (mainly in Pailin, Morakot and Ubon fields) and block G7/50 of Contract 4 Project and a 35% interest in Block EU-1 and Block E5 North of Sinphuhorm Project
The total consideration of transaction is about $ 1 billion, PTT said.
The deal is expected to be closed within May 2014.
PTT said it will be funded by cash on hand.
The Hess assets will add about 17,000 barrels of oil equivalent per day to PTT’s production.
PTT has an interest in about 40 exploration and production projects in Southeast Asia, the Middle East, Africa, Australia, North America and South America, it said.
