PTTEP withdraws from two overseas exploration projects

"PTTEP has reviewed the company's exploration project portfolio in accordance with the company's strategy under the current economic environment," the  company said in a statement, adding the decision is supported by analysis based on technical result and the return on investment.

One of the two affected projects is Indonesia Merangin 1. PTTEP Merangin Co Ltd, a subsidiary of PTTEP), owns the 40 per cent interest in the block. Exploration wells that have been drilled in the area have resulted in non-commercial discovery. The completion of withdrawal process is subject to official approval from Indonesian government authorities.

Currently, PTTEP has two other exploration projects in Indonesia, which are Bengara-1 and Semai II.

The other withdrawal concerns the 30 per cent interest in the Bangladesh 17 and 18 project by PTTEP Bangladesh Ltd. With low potential for commercial discovery, the company wishes to withdraw from this block.

"However, PTTEP continues to look for investment opportunity in projects that fit company long-term strategies, where the People's Republic of Bangladesh is still considered as one of the focus countries," CEO Anon Sirisaengtaksin said in the statement.