PTT Exploration and Production Public Company Limited (PTTEP) announced that, on 30th July 2021, Participations and Explorations Corporation and Partex (Brazil) Corporation, subsidiaries of PTTEP, entered into a Sale and Purchase Agreement (SPA) to sell Partex Brasil Ltda. and Partex Brasil Operações Petrolíferas Ltda., which are registered in the Federative Republic of Brazil, altogether with all obligations to Ubuntu Engenharia e Serviços Ltda.
Completion of the sale is subject to the conditions prescribed in the SPA, including the Brazilian regulatory approvals from the National Agency of Petroleum, Natural Gas and Biofuels. The completion is expected by the end of this year.
Partex Brasil Ltda. is a concessionaire holding 50% interest in the Potiguar Project, which is an onshore oil field located in the northeast of Brazil, with the average crude sales volume of 94 barrels per day (50% interest) in 2020. The divestment is part of portfolio rationalization to be aligned with the company’s investment direction.