PTT Exploration and Production Public Company Limited (SET: PTTEP) has announced that on 25 July 2025, PTTEP Joint Development SG PTE. LTD., a subsidiary of PTTEP, signed a Sale and Purchase Agreement (SPA) with Hess (Bahamas) Limited and Hess Asia Holdings Inc. (each a Seller), in which PTTEP Joint Development SG PTE. LTD. agreed to buy 100% of the outstanding shares of Hess International Oil Corporation.
Hess International Oil Corporation, through its subsidiaries, Hess Oil Company of Thailand (JDA) Limited and Hess Oil Company of Thailand Ltd. Co., owns (a) a 50% participating interest in Block A-18 in the Malaysia-Thailand Joint Development Area (MTJDA), and (b) 50% of the outstanding shares of the operator of Block A-18. The base consideration was USD 450 million, subject to normal purchase price adjustments. Both sellers, Hess (Bahamas) Limited and Hess Asia Holdings Inc., are wholly owned subsidiaries of Chevron following the Chevron and Hess merger.
Block A-18 is a natural gas and condensate production project, which currently produces approximately 600 million standard cubic feet of natural gas per day (MMSCFD), equally delivered to both Thailand and Malaysia to address the energy demand of both countries. Hess Oil Company of Thailand (JDA) Limited and Hess Oil Company of Thailand Ltd. Co. hold 49.5% and 0.5% participating interests in Block A-18, respectively.
The completion of this transaction occurred on 25 July 2025. PTTEP Joint Development SG PTE. LTD. was established on 20 June 2025 with registered capital of 50,000 US dollars, divided into 50,000 ordinary shares with a value of 1 US dollar each. This entity is wholly owned by PTTEP Joint Development Company Limited, a subsidiary of PTTEP.
PTTEP stated that this acquisition aligns with the company’s strategy to enhance energy security and strengthen the company’s long-term growth. MTJDA is located in the southern part of the Gulf of Thailand and serves as a key source of natural gas and condensate for both Thailand and Malaysia. It consists of Blocks A-18 and B-17-01. PTTEP currently holds a 50% stake in Block B-17-01, which produces approximately 300 MMSCFD of natural gas supplied to Thailand and Malaysia.
