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Monday, January 30, 2023

PTTEP exits Brazil with new focus on Asia

The Erawan gas field in the Gulf of Thailand. PTTEP plans to boost production at Erawan and other gas blocks in the Gulf.

PTT Exploration and Production Plc (PTTEP) has exited its petroleum exploration and production business in Brazil by dissolving its subsidiary Participations and Explorations Corporation (PEC), as the company aims to focus more on investments in Asia.

The dissolution of PEC, which is currently inactive, will minimise administrative costs and improve the operational efficiency of PTTEP, according to a letter submitted to the Stock Exchange of Thailand on Monday.

PEC halted its business operations last month after PTTEP decided last September to sell another subsidiary – PTTEP Brazil Investment BV – and all…

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