Article: Thailand : Thailand s PTTEP to acquire OMV Timor Sea unit.

Thai state oil firm PTT Exploration & Production PCL (PTTEP) consolidated its Timor Sea assets with the acquisition of OMV Timor Sea Pty. Ltd., a subsidiary of OMV Australia Pty. Ltd., in a deal valued at $10 million.

OMV Timor Sea currently operates Audacious and Tenacious offshore fields, which have oil potential and could start oil production within 2 years, together with their five exploration blocks: AC/RL4&5, AC/RL6, AC/P4, AC/P17, and AC/P24. In addition, OMV Timor Sea holds 18.75% interest in the producing Jabiru and Challis offshore oil fields, which PTTEP is now the operator with 70.9375% interest.

The move is in line with PTTEP s plans to ...

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