Thai PTTEP to buy interest in Medco?s Sumatra block: Report

Thailand's PTT Exploration and Production Plc said on Tuesday it hoped to wrap up the purchase this quarter of a stake in an onshore oilfield in Sumatra island from PT Medco Energi Internasional Tbk, Reuters reported.

"We are negotiating with Medco and expect to sign the deal in the second quarter," PTTEP President Maroot Mrigadat told reporters in Bangkok, adding that the field is fully-owned by Medco and has yet to operate.

MedcoEnergi has said it was looking for partner to explore the Merangin-I exploration block located onshore South Sumatra.

MedcoEnergi estimates that the block has a potential reserve of 100 million barrels of oil equivalent. (*)