At a ceremony in Bangkok on March 18, 2011, Statoil (NYSE:STO) signed a Memorandum of Understanding (MoU) with PTT Exploration and Production (PTTEP) of Thailand.
Last November, Statoil agreed to sell to PTTEP a 40% stake in its Kai Kos Dehseh Canadian Oil Sands asset, forming a strong partnership with PTTEP. The MoU builds on this partnership and opens the door for further cooperation between the two companies.
“Through this MoU we are delighted to extend our cooperation and express our intention to identify joint business opportunities and technology development projects,” says Helge Lund, CEO of Statoil.
Under the MoU, the companies will seek to cooperate in the areas of conventional and unconventional resources and liquefied natural gas (LNG) in a global setting. The MoU does not impose restrictions on the ability of either company to separately pursue other business opportunities.
”This MoU marks another big step for PTTEP’s future growth cooperation with Statoil. We are delighted to have Statoil as our partner,” says Mr. Anon Sirisaengtaksin, PTTEP president and CEO.
Established in 1985, PTTEP is Thailand's sole petroleum exploration and production company. PTTEP is one of the top ten publicly listed companies on the Stock Exchange of Thailand with a market capitalization of approximately USD 20 billion and invests in more than 40 E&P projects across 12 countries with a workforce of around 3,000 employees. PTTEP is 65% owned by PTT Public Company Limited (PTT), a fully integrated energy conglomerate in Thailand in which the Government of Thailand holds directly 51% of the shares.
Statoil is an international energy company, headquartered in Norway, with operations in 34 countries. Building on more than 35 years of experience from oil and gas production on the Norwegian continental shelf, Statoil is committed to accommodating the world's energy needs in a responsible manner, applying technology and creating innovative business solutions. Statoil has 20,000 employees worldwide, and is listed on the New York and Oslo stock exchanges.