PTTEP wins bid for Bahrain oil exploration BANGKOK, Oct 12 (TNA) – PTT Petroleum Exploration and Production, Thailand's petroleum exploration company, says it has won a bid for the exploration of project Block 2 from the National Oil and Gas Authority of Bahrain (NOGA).
The company said in a statement released to the Stock Exchange of Thailand that the block is situated offshore in the north of the country and covers an area of around 2,228 square kilometres.
It projected it is the area where there is crude oil potential.
The award will be finalised following the negotiation and formulation of the exploration and production sharing agreement with NOGA.
PTTEP will operate the concession with 100 per cent ownership.
The successful bid is another major step for the company as it expands its investment in the Middle East, which has high petroleum potential, following the initial investment in Blocks 44 and 58 in Oman, and the
Saveh Block in Iran. (TNA)-E005