PTTEP Acquires 47-Year Green Hydrogen Concession Block in Oman

PTT Exploration and Production Public Company Limited (SET: PTTEP), has announced that FutureTech Energy Ventures Company Limited (FTEV), a wholly-owned subsidiary of PTTEP Group, and consortium partners, consisting of POSCO Holdings, Samsung Engineering Co., Ltd., Korea East-West Power Co., Ltd., Korea Southern Power Co., Ltd., and MESCAT Middle East DMCC, have been awarded the Green Hydrogen Concession Block in the Sultanate of Oman (Oman) and entered into the Project Development Agreement and Sub-Usufruct Agreement with Hydrogen Oman SPC (Hydrom) for the exclusive business development and production rights of green hydrogen project in Block Z1-02 for 47 years. The consortium will carry out the feasibility and technical studies, in order to finalize the total capital expenditure requirement for the project.

This Green Hydrogen Block is located in onshore Duqm, the eastern part of Oman, covering an area approximately 340 square kilometers. The project is expected to commence production in 2030 with a capacity of approximately 220,000 tons of green hydrogen per year, generated from 5 gigawatts (GW) of installed renewable energy, such as solar and wind.

This investment aligns with PTTEP’s strategy to expand into the clean energy business and become an upstream clean energy producer in the future.