Indonesia is seeking at least 27.4 trillion rupiah ($1.7 billion) in damages from PTT Exploration & Production (BKK:PTTEP) in a planned lawsuit next year over the Montara oil spill, even after the Thai company reached an initial settlement with farmers in the area.
Thailand’s PTT Exploration & Production (PTTEP) has concluded an out of court settlement with Indonesian seaweed farmers after agreeing to pay A$192.5 million (US$127.4 million) in compensation for the oil spill that resulted from the 2009 Montara blowout offshore Australia.
Thailand’s PTT Exploration & Production (BKK:PTTEP) further expands its investment in the United Arab Emirates (UAE) by acquiring 25% participating interest in the Sharjah Onshore Area A from Italy’s Eni (MIL:ENI).
Ranhill Worley will provide front-end engineering and design (FEED) services for PTT Exploration & Production’s (PTTEP’s) Lang Lebah development offshore Malaysia in a deal worth MYR43 million (US$9.4 million).
PTT Exploration & Production (PTTEP) said it will spend $300 million to develop Thailand’s first carbon capture and storage (CCS) project at the Arthit offshore gas field as the state-backed upstream player eyes its net zero greenhouse gas (GHG) emissions target.
Thailand’s PTTEP (BKK:PTTEP) has announced another “significant gas discovery” from its first exploration well in the United Arab Emirates (UAE), together with partner Eni (MIL:ENI) of Italy, that paves the way for “establishing a strong presence” in the Middle East nation.
Cheniere will supply 1 million tonnes per year (t/y) of LNG to Thailand’s PTT from its Corpus Christi export terminal in the US after the pair signed a 20-year contract starting in 2026. Significantly, it marks the first US liquefied natural gas (LNG) deal agreed with PTT, Thailand’s largest state-owned, multinational energy company.
TotalEnergies said Wednesday that it has “definitively withdrawn” from Myanmar following its announcement in January that it had decided to exit the Yadana field and from gas transportation company MGTC, both as shareholder and as operator, within six months.
Thailand’s upstream natural gas sector is struggling to reverse falling output due to bad planning and policy from the government, coupled with a seeming lack of innovation at PTT Exploration & Production (BKK:PTTEP), a state-backed company, that is taking increasing control of the country’s gas resources.
Thailand is curbing imports of liquefied natural gas (LNG) due to surging prices, potentially putting the country at risk of fuel shortages.
UK-listed Jadestone Energy has reported an oil spill offshore Western Australia at the Montara oilfield when oil was being transferred between two crude tanks onboard the Montara Venture FPSO. Oil was observed on the surface of the sea and the field has now been shut down after a hole was identified in the bottom of the tank of the floating production storage and offloading (FPSO) unit.
PTT Exploration & Production (PTTEP) is gearing up to develop Thailand’s first carbon capture and storage (CCS) project at the Arthit offshore gas field as the state-backed upstream player eyes its net zero greenhouse gas (GHG) emissions target.
Global and regional upstream activities, including in Southeast Asia, are rising, as more exploration and development projects are evaluated and approved. Yet, the drilling rig market in the region is not as exciting as it should be, especially with global oil prices ranging between $100 and $120 per barrel in recent months.
Thailand’s state-backed upstream player PTT Exploration & Production (PTTEP) is facing significant gas supply challenges that pose further downside risks to the Southeast Asian nation’s gas power sector, warned Fitch Solutions.
Thailand’s dependence on imported liquefied natural gas (LNG) continues to expand despite soaring global prices. Significantly, the increasing demand for LNG is being exacerbated by production declines across ageing domestic fields, particularly Erawan.
Malaysia’s Petronas and Thailand’s PTT Exploration & Production (PTTEP) have announced they will exit the Yetagun gas project offshore Myanmar as they rationalise their upstream portfolios. Neither company denounced the military-led coup in their exit statements.
Thailand’s PTT Exploration & Production (PTTEP) is now the official operator of the G1/61 project, which covers the Erawan, Platong, Satun and Funan fields, as well as the G2/61 project, covering the Bongkot field. PTTEP (BKK:PTTEP) said it is ready to boost natural gas production to increase energy security despite being denied prior access to Erawan due to an unresolved dispute with the former operator.
Japanese companies Inpex and JGC are teaming up with Thai upstream player PTT Exploration & Production (PTTEP) to explore potential carbon capture and storage (CCS) developments in Thailand. The move follows PTTEP’s recent announcement that it has set a 2050 carbon neutral target.
A multi-national partnership aims to establish what could be the first green e-methanol plant in Southeast Asia. The partnership, which includes Thailand’s PTT Exploration & Production (PTTEP), aims to establish Asia’s first green e-methanol plant which converts captured biogenic carbon dioxide (CO2) into green e-methanol, a low carbon fuel.
The Indonesian government is preparing to launch domestic legal action against Thailand’s PTT Exploration & Production (PTTEP) (BKK:PTTEP) relating to economic and environmental damages suffered by local people around Kupang following the 2009 Montara oil spill.
Malaysia's Petronas has signed production sharing contracts (PSCs) for five offshore exploration blocks, namely SB412, 2W, and X located off the coast of Sabah, and SK439/SK440 situated off the coast of Sarawak. Significantly, Shell has signed up for ultra-deepwater exploration acreage.
TotalEnergies, which on 21 January announced a rapid withdrawal from Myanmar because the situation in the country no longer allowed the French company to make a “sufficiently positive contribution”, said its exit will be “responsible.”
Thailand’s PTT Exploration & Production (PTTEP) has confirmed it will take over operatorship of the Yadana gas field offshore Myanmar in July as TotalEnergies (LSE:TTE) walks away in a transaction with no commercial value.
Chevron is seeking to sell its share of the Yadana gas field to Thailand’s PTT Exploration & Production (BKK:PTTEP) as TotalEnergies gives its operated interest away for free in what appears to be a hasty retreat from Myanmar.
PTT, Thailand’s state-controlled energy company, is bidding to take control of Myanmar’s Yadana gas field after TotalEnergies (LSE:TTE) and Chevron (NYSE:CVX) announced they will exit the country to protest against the junta’s continued violence against civilians since the military coup.