PTTEP Boosts Oil Production by 48kBOE/D after the Completion of “Murphy” Deal

PTT Exploration and Production Public Company Limited (PTTEP) has made an announcement in reference to the statement dated 21 March 2019 with respect to the signing of Share Sale and Purchase Agreement  (SSPA) to acquire the 100% of Murphy Oil Corporation’s (Murphy) business in Malaysia through the equity in two subsidiaries of Murphy; Murphy Sarawak Oil Company Limited (Murphy Sarawak) and Murphy Sabah Oil Company Limited (Murphy Sabah)

PTTEP has announced that, on July 10, 2019, the conditions precedent to closing prescribed in the aforementioned agreement have been completed. As a result, starting from the completion date, the incremental petroleum sales volume to PTTEP is approximately 48,000 barrels of oil equivalent per day (BOED) and ramping up to 60,000-70,000 BOED in 2022.