Major Oil Explorer Buys Hess Thailand

Posted by George Backwell
Wednesday, April 23, 2014
Offshore drilling: File photo

 PTT Exploration and Production Pcl (PTTEP), Thailand's top oil and gas explorer, has bought Hess Corp's assets in Thailand in a deal worth $1 billion as part of its attempt to boost its gas business, the company's CEO said on Wednesday.

"The deal is worth $1 billion. We have acquired the whole shares of Hess Thailand Holdings II Limited and Hess Exploration Thailand Company Limited," Chief Executive Tevin Vongvanich said in a statement.

(Reporting by Apornrath Phoonphongphiphat; editing by Paul Tait)
 

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