Novatek and PTT to cooperate in exploration and production of hydrocarbons

Russian gas producer Novatek and PTT, which is majority owned by the Government of Thailand, have signed a memorandum of understanding (MoU) to cooperate and study potential joint opportunities in the exploration and production of hydrocarbons.

The parties also intend to jointly implement LNG projects Under the MoU, which was signed at a meeting between the Russian Prime Minister Dmitry Medvedev and the Prime Minister of Thailand Prayut Chan-o-cha.

The companies will also study the supply of LNG and the development of LNG markets, as well the as the supply of liquid hydrocarbons.

Novatek management board chairman Leonid Mikhelson said: "There are strong fundamentals for this joint cooperation.

"Novatek has high-quality resources for the implementation of new LNG projects, while PTT is expanding LNG supplies to Thailand and is interested in the sustainability of such supplies to their domestic markets.

"I’m certain we will be able to establish an optimal framework for efficient joint business development of our companies."

PTT also signed a MoU to participate in implementation of Gazprom’s LNG projects, development of hydrocarbon fields and trade in LNG and LPG.

The agreement was signed by Gazprom management committee chairman Alexey Miller and PTT president and CEO Tevin Vongvanich in Saint Petersburg, on cooperation in the oil and gas industry.