Pttep Consortium Wins Petroleum Concessions In Egypt

[Jai Dee]

Thai PTTEP Consortium Wins Petroleum Concessions In Egypt

BANGKOK -(Dow Jones)- Thailand's PTT Exploration and Production PCL (PTTEP.TH) said Wednesday that it has won concessions for two petroleum blocks in Egypt as part of a consortium.

The Egyptian Natural Gas Holding Co., or EGAS, has awarded Block 2 and Block 8 to the consortium, which comprises PTTEP, Sipetrol International S.A., Edison International and Centrica Energy, according to a PTTEP statement.

The awards were part of the EGAS International Bid Round 2006.

The concessions will be signed upon the approval of the Egyptian government.

Block 2 (Rommana Block), located onshore in Sinai in northeast Egypt, covers 6,184 square kilometers. Sipetorl will hold a 40% stake, while PTTEP and Centrica will each own a 30% stake.

Block 8 (Sidi Adb El Rahman Offshore Block), located offshore northwest Egypt, covers 4,294 square kilometers. Edison will own a 40% stake, while PTTEP and Sipetrol will each hold a 30% stake.

The Thai government has been urging domestic companies to develop petroleum resources abroad, for instance in the Middle East, to bolster Thailand's energy security amid high global oil prices.

Separately, PTTEP said in a statement that its Phu Horm Project in northeast Thailand has started producing natural gas at an average rate of around 60 million cubic feet a day at the preliminary stage. Receiving the gas is a nearby power plant.

PTTEP owns a 20% stake in Block E5 North and Block EU-1 of the Phu Horm Project.

Source: Dow Jones - 6 December 2006

[Jai Dee]

Thai PTT Exploration wins Egypt exploration rights

BANGKOK, Dec 6 (Reuters) - Thailand's PTT Exploration and Production (PTTEP) said on Wednesday consortiums of which it was a member had won exploration rights for two blocks in Egypt.

One bid, subject to official approval, gave one consortium the right to explore the onshore Block 2 -- the Rommana Block -- in northeast Egypt covering an area of 6,184 sq km (2,388 sq miles), PTTEP told the Thai stock exchange.

Chile's Sipetrol International would hold a 40 percent stake in the consortium and British firm Centrica Energy and PTTEP would each own 30 percent, the Thai firm said.

Another consortium in which PTTEP held 30 percent won exploration rights for Block 8 -- the Sidi Adb El Rahman offshore block -- off northwest Egypt, covering an area of 4,294 sq km, it said.

U.S. firm Edison International would own 40 percent of the consortium and Sipetrol 30 percent, it said.

PTTEP, 65-percent owned by top Thai energy firm PTT PCL , has more than 20 oil and gas exploration and development projects in the Middle East, Africa and Asia.

At 0820 GMT, PTTEP shares were down 1.8 percent at 107 baht ($3), while the overall Thai stock market was up 0.25 percent. ($1=35.61 Baht)

Source: Reuters - 6 December 2006