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Article: Thailand : Thailand s PTTEP buys stake in Oiliver field in Timor Sea.
- Article from:
- TendersInfo
- Article date:
- October 31, 2009
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Byline: manish03
Thailand s PTT Exploration & Production PLC (PTTEP) has acquired a 50% stake in the undeveloped Oliver oil field in the Timor Sea from Stuart Petroleum Ltd., Adelaide, for $7.5 million.
The field is in the Ashmore-Cartier region (Permit AC/P33). Under the sale agreement, PTTEP will fund the drilling of the Oliver-2 appraisal well, which spudded last week using the Songa Venus semisubmersible drilling rig.
PTTEP will pick up Stuart s obligation to fund the drilling of Oliver-2 and undertake all engineering studies up to a final investment decision on field development. It s looking for an increase in the down-dip oil potential ...