Thailand’s largest oil and gas explorer, PTT Exploration and Production Public Company Limited (PTTEP), will sell 100% stake of Oman 44 natural gas project to local firm ARA Petroleum LLC. The deal is expected to close in early fourth quarter of 2016, Reuters reported.

The sale is a part of PTTEP’s efforts to rationalize its portfolio. The company continues to explore further opportunities in Oman. In this respect, PTTEP has signed a memorandum of understanding with Oman Oil Company Exploration and Production LLC seeking co-investment opportunities in areas of mutual interest, according Times Of Oman.

The Oman 44 Project is an onshore natural gas and condensate that  is located in the west of the capital Muscat with an area of 1,162 sq km. It has been in production since 2007 with an average output of 19 mcf/d  of natural gas and 904 b/d of condensate in the second quarter of 2016.