PTTEP sells off its Angola operations to Somoil Bloco

PTTEP CEO Montri Rawanchaikul said his company had informed SET on Friday that it has decided to sell all its investments in the deep offshore Block 17/06 in Angola to Somoil Bloco 17/06, a subsidiary of Sociedade Petrolifera Angolana.

The sale is being overseen by PTTEP (Angola) Corporation and will be completed by mid-next year, Montri said.

PTTEP’s Block 17/06 in the west of Angola is at development stage. Once the block has been sold off, all PTTEP’s operations in Angola will come to a halt in line with the company’s strategy, Montri added.