Bangkok: PTT Exploration and Production Public Company Limited (PTTEP) has embarked on a significant investment of 450 million US dollars to purchase Chevron’s 50% stake in the natural gas field located in Block A-18 of the Malaysia-Thailand Joint Development Area (MTJDA).

According to Thai News Agency, this strategic acquisition aims to bolster Thailand’s energy security while simultaneously advancing PTTEP’s growth objectives. Mr. Montri Rawanchaikul, the Chief Executive Officer of PTTEP, disclosed that PTTEP Joint Development SG Company Limited, a subsidiary of PTTEP, has formalized a Sale and Purchase Agreement (SPA) to obtain all shares in Hess International Oil Corporation. This corporation’s subsidiary holds a 50 percent interest in Block A-18, a vital natural gas resource for power generation in Thailand’s southern region. The agreement, valued at approximately US$450 million, involves the sale by Hess (Bahamas) Limited and Hess Asia Holdings Inc., subsidiaries of Chevron, as a result of the merger between Chevron and Hess.