Thailand-based Bangchak Petroleum Pcl will buy a 19.66 percent stake in Australian oil and gas exploration company Nido Petroleum Ltd for US$ 20.64 million (A$ 22.2 million), Bangchak said Thursday.
The purchase is Bangchak’s first foreign investment.
The purchase will be made by Singapore-based BCP Energy International Pte Ltd, a wholly-owned subsidiary of Bangchak set up to explore foreign investments.
BCP will buy the stake from Abu Dhabi’s state-owned Petroleum International Investment Corp.
Nido focuses on oil and gas exploration and production in Southeast Asia.
In the second quarter of 2014, Nido netted 221,900 stock tank barrels from its offshore Galoc field and 5,931 stb from its offshore Nido and Matinloc fields in the Philippines.
Nido has four offshore development and production assets and five offshore exploration assets in the Philippines.
Nido operates four of the Philippines exploration projects
Nido also holds stakes in three offshore wells in Indonesia.