PTT Exploration and Production (PTTEP) has bought the Thai assets of US-based Hess Corporation for $1 billion. According to the deal, PTTEP will gain stakes in the Pailin, Morakot, and Ubon oilfields. Hess Corporation is being advised by Freshfields Bruckhaus Deringer LLP on the deal. The acquisition process is expected to be concluded by end-May 2014. With this acquisition, PTTEP’s production will increase by about 17,000 barrels of oil equivalent per day.
