PTT Exploration and Production Public Company Limited (PTTEP) announced that the company has completed the divestment of Partex Brasil Ltda. and Partex Brasil Operações Petrolíferas Ltda. on October 29, 2021, with the conditions precedent to completion prescribed in the Sale and Purchase Agreement have been fulfilled.
On July 30 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 eServiços Ltda.
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.