Slaughter and May advised PTT Exploration and Production Public Company Limited (“PTTEP”) in relation to the acquisition by PTTEP Joint Development SG PTE. LTD., a subsidiary of PTTEP, of 100% of the outstanding shares of Hess International Oil Corporation (“HIOC”), from Hess (Bahamas) Limited and Hess Asia Holdings Inc.
HIOC, through its subsidiaries, owns (a) a 50% participating interest in Block A-18 in the Malaysia-Thailand Joint Development Area, and (b) 50% of the outstanding shares of the operator of Block A-18.
The base consideration was USD 450 million, subject to normal purchase price adjustments.
Block A-18 is a natural gas and condensate production project, which currently produces approximately 600 million standard cubic feet of natural gas per day (MMSCFD), which is equally delivered to both Thailand and Malaysia to address the energy demand of both countries.
Slaughter and May worked as part of an integrated team with PTTEP’s internal legal team on the transaction.
Zahra Hannigan / Trainee