Thailand's PTT Exploration and Production PTTE.BK said its PTTEP Bangladesh subsidiary had signed agreement with a subsidiary of Total to explore two offshore blocks in the north of the Bay of Bengal, Forbes Magazine reported from Bangkok yesterday.

The agreement, which needed approval from the Bangladesh government and other partners in blocks-17 and 18, was PTTEP's first investment in South Asia and gave PTTEP Bangladesh a 30 per cent stake in the project, PTTEP president Maroot Mrigadat said in a statement.

Total E & P Bangladesh, a wholly owned unit of French oil group Total, owned 30 per cent, Tullow Bangladesh, a unit of British gas and oil group Tullow, owned 32 per cent, Okland Bangladesh Limited and Rexwood Offshore Holdings Limited each owned 4 per cent.

The two blocks, covering an area of 13,724 sq km (5,298 sq mile), had been identified to have gas potential, PTTEP statement said.

PTTEP has invested in 37 oil and gas exploration and development projects in the Middle East, Africa and Asia and is looking to buy new gas and oil assets at home and abroad in a bid to increase reserves and capacity.

Source: The New Nation

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