PTT Exploration and Production Public Company Limited (SET: PTTEP) announced on Monday, that on December 16, 2022, PTTEP (Angola) Corporation (PANG) (a subsidiary) has entered into a Sale and Purchase Agreement (SPA) to sell its entire 2.5% participation interest in Block 17/06 project in Angola to SOMOIL BLOCO 17/06 (SU), S.A.
SOMOIL BLOCO 17/06 (SU), S.A. a subsidiary of Sociedade Petrolifera Angolana S.A (SOMOIL). Completion of the sale is expected by mid-2023 subject to the conditions prescribed in the SPA.
The Block 17/06 Project is an offshore oil field under development phase located on the west coast of Angola. This divestment marks the withdrawal of all PTTEP’s investment in Angola which aligned with the company’s strategy.