PTT Exploration and Production Public Company Limited (PTTEP), has announced that PTTEP MENA Limited, a subsidiary of PTTEP, has signed a Sales and Purchase Agreement to acquire a 10% stake in the Ghasha concession offshore the United Arab Emirates (UAE) from Wintershall Dea Middle East, a German energy company.
Montri Lawanchaikul, CEO of PTTEP, elaborated that the investment bolsters PTTEP’s presence in the UAE, and expands its portfolio in the Middle East, while increasing PTTEP’s proven petroleum reserves.
He said the Ghasha concession is a significant natural gas field for the UAE. The investment marks another major milestone for PTTEP in establishing a strong foothold in the Middle East. It also enhances operational synergies with other nearby exploration projects in which PTTEP is already invested.
The Ghasha concession, located offshore west of Abu Dhabi, is expected to produce approximately 1.5 billion cubic feet of natural gas per day by 2030. The project also plans to capture and store around 1.5 million tons of Carbon Dioxide per year, aiming to achieve net-zero greenhouse gas emissions.
The Ghasha concession is situated near PTTEP’s existing investments in the Abu Dhabi Offshore 1, Abu Dhabi Offshore 2, and Abu Dhabi Offshore 3 projects, facilitating joint management.
In addition to this project, PTTEP has investments in the Sharjah Onshore Area A and Sharjah Onshore Area C projects in the UAE, which are in the exploration phase, as well as the ADNOC Gas Processing Plant project, which is in the production phase. (NNT)
