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Major Oil Explorer Buys Hess Thailand

Posted by April 23, 2014

 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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