PTT Exploration and Production Public Company Limited (SET: PTTEP) has informed the Stock Exchange of Thailand that PTTEP HK Offshore Limited (PTTEP HKO), a wholly owned subsidiary of PTTEP, together with TotalEnergies EP Exploration (Sarawak) Sdn. Bhd. (TotalEnergies), KUFPEC Malaysia (SK-410B) Limited (KUFPEC) and PETRONAS Carigali Sdn. Bhd. (PCSB), have entered into a series of Farm-Out Agreements in relation to joint investment in the SK410B Lang Lebah and B14 gas fields, off the coast of Sarawak, offshore East Malaysia.
Upon completion of the transaction, subject to customary conditions precedent, including regulatory approvals, the consortium for both fields will comprise TotalEnergies with a 30% participating interest (operator), PTTEP HKO and KUFPEC with 25% each, and PCSB with 20%.
The B14 gas field is located 14 kilometers from the Lang Lebah field, a natural gas field under the Malaysia SK410B Project. Integrating development of the two fields will enhance project value by optimizing development costs and creating operational synergy. Both fields are currently in the pre-development phase, with estimated natural gas resources of more than 6.5 trillion cubic feet (TCF)
This transaction brings together strategic partners to maximize the natural gas field development potential through cost optimization and operational synergies, while strengthening the company’s long-term growth, in line with PTTEP’s portfolio management strategy.
