PTTEP expands its investment base in the United Arab Emirates.

Bangkok, PTTEP expands investment base in the Middle East. Acquisition of 10% investment in the Gacha concession area One of the largest natural gas fields in the United Arab Emirates. Immediately increase the amount of petroleum reserves for the company. The project plans to emit net zero greenhouse gas emissions. Mr. Montree Lawanchaikul Chief Executive Officer of PTT Exploration and Production Public Company Limited or PTTEP revealed that PTTEP MENA Limited, a subsidiary of PTTEP, P. has signed a Sales and Purchase Agreement (SPA) to purchase a 10% investment in the offshore Ghasha concession area in the United Arab Emirates (UAE) from the Company. Wintershall Dea Middle East GmbH is a German energy company. Participating in this investment This marks progress in building a strong investment base for PTTEP in the UAE and continuing to expand investment in the Middle East region. Trading the investment proportion this time It has already been approved by the relevant government agencies. Therefore, PTTEP' s proven petroleum reserves can be increased immediately. 'The gacha concession area is a large natural gas resource that the UAE is focusing on. Participating in this investment is another important step forward for PTTEP in expanding its strong investment base in the Middle East region. It also helps enhance the benefits and efficiency of management in conjunction with other exploration projects in the vicinity in which the Company has already invested. We are ready to work with partners with world-class expertise to develop and drive the project to success according to its goals,' Mr. Montri said. Gacha concession plot Located off the coast west of Abu Dhabi in the UAE, natural gas production is expected to be around 1.5 billion cubic feet per day by 2030. The project also has plans for capture and storage operations. and store approximately 1.5 million tons of carbon dioxide per year (MMtpa) to make it a gas production project. that has net zero greenhouse gas emissions The gas concession block is also located in the vicinity of the Abu Dhabi Offshore 1, Abu Dhabi Offshore 2 and Abu Dhabi Offshore 3 projects, which PTTEP has a joint venture with. Therefore, it is beneficial in joint project management. In addition to the aforementioned projects, PTTEP also has investments in the Sharjah Onshore Area A project and the Sharjah Onshore Area C project in the UAE, which are in the exploration stage, including There is also the Adnoc natural gas separation plant (AGP) project that is in the production stage. Source: Thai News Agency