PTTEP quits Egyptian well

Thai oil company PTTEP has withdrawn its 30% interest in the Sidi Abd El Rahman Offshore Project in Egypt, the company has announced.

Company chief executive Anon Sirisaengtaksin said in a letter to the Thai Stock Exchange that it had completed its exploration work commitment to the well, and would leave after receiving Egyptian government approval.

PTTEP was awarded the concession in 2006 as part of a joint venture with Italy’s Edison International and Chile’s Sipetrol International.

PTTEP also announced an exploration well in the onshore Rommana project in Egypt would be written off with an estimated cost of $1 million after no petroleum shows were found on the site.

A joint venture with operator Sipetrol – which had 40%, PTTEP (30%) and Centrica Resources, the Moon Sinai-1 well was drilled to 1440 meters without petroleum shows after being spudded on 6 January.

(Source: upstreamonline)


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