PTT Exploration and Production Public Company Limited (SET: PTTEP) has announce that on 26 October 2022, PTTEP MENA Limited (PTTEP MENA), a subsidiary of PTTEP, has signed Farm-in/Farm-out Agreement to acquire 25% stake in the Sharjah Onshore Area A Project the Emirate of Sharjah from Eni Sharjah B.V. (ENI).
The acquisition will be completed after fulfilling all conditions in the said agreement and obtaining all necessary government approvals with an expected completion date within 2022. After completion, the participation interest for this project will be as follows; ENI (Operator) 50%, SNOC 25% and PTTEP MENA 25%.
Sharjah Onshore Area A Project is an onshore gas project in the exploration phase, situated in the central part of Sharjah Emirate, covering approximately 437 square kilometers. The transaction aligns with PTTEP’s strategy, focusing on prolific areas in the Middle East.