The deal, which was proposed by the Ministry of Energy, will see the Malaysia-Thailand Joint Authority & PTTEP International Ltd and Petronas Carigali unit PC JDA Ltd share a 50-50 stake in the Block.
The deal is expected to be signed by the end of September.
In a statement PTTEP said, “Block B-17-01 is a part of the Malaysia-Thailand Joint Development Area (JDA) and used to be an area in Blocks A-18, B-17, and C-19, in which the concessionaires have relinquished parts of the concession to the Malaysia-Thailand Joint Authority.
“PTTEP will have an operating obligation of approximately US$6 million for the first five years, which will include the geological and geophysical studies, seismic surveys, and the drilling of two exploration wells.”
“This investment will enhance the value of petroleum exploration projects in the Gulf of Thailand and the JDA through synergy for optimum operational efficiency,” it added.
