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March 19, 2009

Thai refiner quits two overseas projects
Thailand's PTT Exploration and Production said on Wednesday it had decided to withdraw from two petroleum exploration projects in Indonesia and Bangladesh.

Reuters reported that 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 and four partners, including PTTEP, had abandoned their rights to explore in the two offshore blocks.


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