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Thailand's PTTEP signs Bangladesh gas deal with Total, Tullow subsidiaries

(Thomson Financial) - Thailand's PTT Exploration & Production has signed a deal to take a 30 percent stake in a project to explore for natural gas in Bangladesh, the company said in a statement Monday.

The deal with Total E&P Bangladesh marks the company's first move into South Asia. It still requires approval from the Bangladeshi government as well as from other partners in the project, PTTEP president Maroot Mrigadat said in the statement.

Total E&P Bangladesh is a subsidiary of French oil company Total.

The project, whose other main partner is Tullow Bangladesh Ltd, will explore offshore for natural gas in two blocks off Chittagong province.

Tullow Bangladesh is a unit of UK oil and gas company Tullow Oil PLC.

By Rajesh Kumar, Section Infrastructure
Posted on Mon Jan 07, 2008 at 03:27:16 AM EST
 The area is believed to have high potential because it is situated between two fields that are already productive, the statement said.

Last year PTTEP expanded its investment in Egypt, Bahrain, New Zealand and Australia, as energy-hungry Thailand looks ever farther afield to satisfy the needs of its own growing economy.

'These new partnerships will give us new connections which will in the end help us to further expand our business to new frontiers,' Maroot said.

http://www.forbes.com/markets/feeds/afx/2008/01/07/afx4500055.html

< Thai shares close lower after Wall Street's fall on poor jobs data | Yellow cards for four more poll winners >

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