Thai energy giant PTT Exploration and Production (PTTEP) has acquired full ownership of Block A-18 in the Malaysia-Thailand Joint Development Area (MTJDA) through a US$450 million deal with Chevron’s subsidiaries, the company announced on July 25.
According to Reuters, the agreement—inked with Hess (Bahamas) and Hess Asia Holdings, both now under Chevron following its acquisition of Hess Corp—gives PTTEP 100% equity in Hess International Oil Corp, which holds a 50% interest in Block A-18.
The acquisition aligns with Chevron’s global restructuring strategy to optimise operations and reduce costs, which includes workforce downsizing and potential divestments such as its stake in a Singapore refinery.
Spanning 7,250 sq km in the southern Gulf of Thailand, Block A-18 is a key natural gas producer for both Thailand and Malaysia, currently delivering around 600 million standard cubic feet of gas per day—shared equally between the two nations.
“We’re proud to expand our presence in the MTJDA, a region known for its rich petroleum resources and its importance to Thailand’s energy security,” said PTTEP CEO Montri Rawanchaikul.
He noted that the acquisition not only strengthens PTTEP’s foothold in the regional energy landscape but also supports Thailand’s long-term energy resilience.
