THAI ENERGY CO. PTTEP IN JV TO EXPLORE OFFSHORE GAS IN AUSTRALIA

BANGKOK, Nov 28, 2007 (AsiaPulse via COMTEX) -- MUR | charts | news | PowerRating -- Thailand's PTT Exploration and Production Plc has agreed to co-invest with US and Australian companies to explore natural gas resources in offshore Australia.

PTTEP president Maroot Marigadat said the company had entered into a joint venture with US-based Murphy Oil Corporation (NYSE: MUR | charts | news | PowerRating) and Australia's Finder Exploration Co to explore for natural gas in AC/P36 Block of the Browse Basin located off the north-western Australian coast.

"The area has a great potential for finding petroleum", Mr. Maroot said.

Many natural gas deposits have already been found in the area. The AC/P36 Block covers an area of 4,000 square kilometres where drilling for natural gas had been carried out earlier.

In such a joint venture, he said, PTTEP would have an opportunity to work with and exchange knowledge and technology with international oil companies which have vast experience.

The joint venture will be 20 per cent owned by PTTEP, 40 per cent by Murphy Oil Corp, and 40 per cent by Finder Exploration. The joint venture agreement will become effective upon approval by the Australian government.

(TNA-OANA)

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