Thailand’s national oil and gas company, PTTEP, has successfully acquired Jadestone Energy’s 27.18% equity stake in APICO LLC. This strategic move, advised by Latham & Watkins, enhances PTTEP’s control over the Sinphuhorm gas field, increasing its participating interest from 80.5% to 90%.
The transaction was facilitated by a cross-border team from Latham & Watkins, led by Singapore corporate partner James Clayton-Payne. The team included associates Rob Thompson, Hui-Yan Chew, and Jen Whee Lee, alongside Houston partner Ashley Nguyen and associate Alexandra Cumberland. Tax advice was provided by London partner Aoife McCabe.
The acquisition sees PTTEP HK Holding Limited, a subsidiary of PTTEP, gaining full ownership of APICO LLC, which holds significant interests in both the Sinphuhorm gas field and the Dong Mun gas discovery in Thailand. The Sinphuhorm gas field, where PTTEP is the current operator, is a key asset in the company’s portfolio.
This acquisition is a significant step for PTTEP, reinforcing its position in the Thai energy sector and expanding its operational capabilities in the region. The increased stake in the Sinphuhorm gas field is expected to enhance PTTEP’s production capacity and operational efficiency.
As PTTEP consolidates its holdings, the company is poised to strengthen its influence in the regional energy market, potentially leading to further strategic developments in the future.
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