Thai PTTEP quits two Indonesian, Bangladesh projects

Reuters, Tue Mar 17, 2009 11:41pm EDT

BANGKOK, March 18 (Reuters) - Thailand's PTT Exploration and Production (PTTE.BK) said on Wednesday it had decided to withdraw from two petroleum exploration projects in Indonesia and Bangladesh.

The two projects are Indonesia Merangin 1 and Bangladesh 17 and 18, where the potential for commercial discoveries was deemed low after exploration, it told the stock exchange in a statement.

PTTEP, which holds a 40 percent stake in the project and owns two other exploration projects in Indonesia, Bengara-1 and Semai II, said its withdrawal was subject to approval from the Indonesian authorities.

PTTEP has a 30 percent participation interest in the Bangladesh project.

A Bangladeshi official said on Tuesday that France's Total SA (TOTF.PA) and four partners, including PTTEP, had abandoned their rights to explore in the two offshore blocks. [ID:nDHA501448] ($1 =35.76 Baht) (Reporting by Ploy Chitsomboon; Editing by Alan Raybould)