Name: PTTEP buys Partex for US$622 million
Brand: Wood Mackenzie
SKU: 112214
Price: 1650 USD
Availability: OnlineOnly
Author: Wood Mackenzie

Deal Insight 26 June 2019

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Report summary

PTTEP is buying Partex for US$622 million. The deal takes PTTEP's 2019 M&A spend to US$2.8 billion, marking PTTEP as the third-largest upstream buyer in the year to date, behind Occidental and Total. Partex's commercial portfolio consists of minority oilfield interests in Oman (PDO Block 6, Mukhaizna), Kazakhstan (Dunga) and the UAE (GASCO), as well as two LNG plant stakes (Oman LNG and Qalhat LNG). The Middle East is one of PTTEP's most important strategic regions outside of Southeast Asia. PTTEP had also recently entered the UAE, with the award in January of two offshore exploration blocks.

Executive summary
Transaction details
Upstream assets
- Oman
  - PDO Block 6 (Crude), 2%
  - Oman LNG, 2% and Qalhat LNG, 0.74%
  - Mukhaizna, 1%
- United Arab Emirates
- Kazakhstan
- Other countries
Deal analysis
Upsides and risks
- Upsides
- Risks
Strategic rationale
- PTTEP
- Calouste Gulbenkian Foundation
Oil & gas pricing and assumptions

Tables and charts

This report includes the following images and tables:

Executive summary: Table 1Deal analysis: Table 1Deal analysis: Table 2

Deal analysis: Table 3Deal analysis: Table 4Oil & gas pricing and assumptions: Table 1Oil & gas pricing and assumptions: Table 2Upstream assets: Table 1