PTT Exploration and Production, Thailand’s national upstream company, has acquired the 10% participating interest held by German independent Wintershall Dea in the UAE’s Ghasha Concession, the companies announced on Tuesday.
The Ghasha Concession is located offshore in western Abu Dhabi. It comprises nine fields with natural gas, crude oil and condensate reservoirs and is one of the largest yet to be developed in the UAE. It is estimated to be capable of yielding up to 42.5 mcm (1.5 bcf) per day until the end of the decade.Financial terms were not disclosed. With the transaction, Wintershall Dea terminates its operations in the country.
PTTEP already holds participating interests in exploration concessions in the nearby Offshore Blocks 1, 2 and 3. The company also participates in Sharjah Onshore Area A Project, Sharjah Onshore Area C Project and the ADNOC Gas Processing Joint Venture.
“The acquisition of the Ghasha Concession marks an important step in strengthening PTTEP’s Middle East investment portfolio. Additionally, the proximity of the concession location will pave the way for further collaboration among the joint venture partners that will be beneficial to the project achievement,” said Montri Rawanchaikul, CEO of PTTEP.
Towards reducing GHG emissions, Ghasha’s production facilities are designed to capture 1.5 million tpy of carbon dioxide and produce low-carbon hydrogen that can replace fuel gas.
Source:https://theenergyyear.com