PTTEP Acquires Stake in Malaysia-Thailand Joint Development Area

PTT Exploration and Production Public Company Limited (PTTEP), Thailand’s national oil and gas player, has made a significant move by acquiring a stake held by Chevron in a block within the Malaysia–Thailand Joint Development Area (MTJDA).

The sale and purchase agreement (SPA) between PTTEP and Chevron enable PTTEP to secure a 50% interest in Block A-18, a key part of the natural gas and condensate production project between Malaysia and Thailand. The transaction, with a base consideration of $450 million, was finalized on July 25, 2025.

The MTJDA project currently produces around 600 million standard cubic feet of natural gas per day, supporting the energy needs of both Thailand and Malaysia. This acquisition further strengthens PTTEP’s position in the region.

Establishment of PTTEP Joint Development SG

In conjunction with the acquisition, PTTEP Joint Development SG was recently established as a subsidiary with a registered capital of $50,000. The company aims to enhance energy security and drive long-term growth in the region.

“MTJDA is a vital source of natural gas and condensate for Thailand and Malaysia, and this acquisition aligns with our strategic goals,” highlighted PTTEP.

Malaysia-Thailand Joint Development Area

The MTJDA includes blocks A-18 and B-17-01, with PTTEP holding a 50% stake in Block B-17-01. This block currently produces approximately 300 mmscfd of natural gas, catering to the energy demands of both countries.

PTTEP’s recent acquisition follows a deal with Valeura Energy, allowing the latter to collaborate with PTTEP in two offshore blocks in Thailand.