PTT Exploration and Production Public Company Limited (SET: PTTEP) announced that, on 31 August 2022, PTTEP Netherlands Holding Coöperatie U.A. (PTTEP NH) and PTTEP Brazil Investment B.V. (PTTEP BI), subsidiaries of PTTEP, have entered into a Sale and Purchase Agreement (SPA) to sell PTTEP Brazil Investments in Oil and Gas Exploration and Production Limitada (PTTEP BL), which are registered in the Federative Republic of Brazil (Brazil), altogether with all obligations to Ubuntu Engenharia e Serviços Ltda.
PTTEP BL holds 25% interest in the Barreirinhas AP1 Project and 20% interest in the Brazil BM-ES-23 Project. Completion of the sale is expected by this year end subject to the conditions prescribed in the SPA.
The Barreirinhas AP1 Project and the Brazil BM-ES-23 Project are in exploration phase and are located offshore of Brazil. This divestment marks the withdrawal of all PTTEP’s investment in Brazil which aligned with the company’s strategy.