PTTEP further expands its investment in Malaysia, joining forces with TotalEnergies in the SK408 block to strengthen the business growth in this strategic country.
Mr. Montri Rawanchaikul, Chief Executive Officer of PTT Exploration and Production Public Company Limited (SET: PTTEP), stated that PTTEP SG Holding Pte. Ltd., a subsidiary of PTTEP, has entered into an investment with TotalEnergies SE (TTE) by acquiring 49.99% interest in AzurVista Resources Pte. Ltd. (AzurVista Resources), a subsidiary of TTE. AzurVista Resources holds 20% participating interest in the SK408 block in Malaysia. As a result, PTTEP holds an indirect participating interest of 9.998% in this project.
SK408 block is a natural gas and condensate producing field located in the shallow water of Malaysia. The current production volume is approximately 750 million standard cubic feet of natural gas per day and 15,000 barrels of condensate per day. This investment immediately enhances the company’s production volume and petroleum reserves. Furthermore, there is a plan to ramp up the production volume in the future.
“The expansion of PTTEP’s investment base in Malaysia, one of the company’s key strategic areas, marks another milestone in strengthening our position in the country. It also offers an opportunity to deepen our collaboration with TotalEnergies, our long-standing partner with whom we have achieved strong results across the regions. Together, we aim to advance the development of the SK408 block to accommodate future growth for all parties, especially in the Malaysia’s energy sector,” Mr. Montri stated.
Currently, PTTEP has more than 10 projects in Malaysia in exploration, development and production phases.
