PTTEP’s project in Indonesia scrapped

BANGKOK, 22 March 2010 (NNT) – PTT Exploration and Production Plc (PTTEP) has scrapped a joint venture project in Indonesia — Bengara-1.

PTTEP has recently announced that its subsidiary PTTEP Bengara Company Limited has terminated the Bengara-1 project in which PTTEP holds 40% investment. The decision will take effect as soon as the firms’ request is approved by the Indonesian authority BPMIGAS.

At present, PTTEP also has another join venture with an Indonesian subsidiary. The project called Semai II is now in the exploration process. The companies have planned to drill an exploring well in 2010.