Houlihan Lokey Advises PTT Exploration and Production

Houlihan Lokey is pleased to announce that PTT Exploration and Production Public Co. Ltd. (PTTEP) has agreed to acquire a 34% interest in E&E Algeria Touat B.V. (Touat BV) from ENGIE S.A. (ENGIE). Touat BV holds a 65% participating interest in the Touat gas fields in Algeria. The transaction was announced on 20 December 2024 and is subject to regulatory approvals and customary closing conditions.

PTTEP is the exploration and production arm of PTT Group, the Thai national oil company majority-owned by the government of Thailand, and the largest player in Thailand’s oil and gas production. PTTEP is listed on the main market of the Stock Exchange of Thailand with a market capitalisation of $13.8 billion as of 17 December 2024 and is a member of the Dow Jones Sustainability Indices. PTTEP has invested in upstream ventures in many parts of the world, with extensive experience in the exploration, development, and production of oil and gas assets in Southeast Asia, the Middle East, and North Africa. PTTEP has over 50 exploration, development, and production projects across more than 10 countries. As of 30 June 2024, the book value of the company’s assets was more than $27.1 billion.

ENGIE is a multinational utility company headquartered in Paris. ENGIE is active in low-carbon energy and services, and its operations primarily include renewables, energy solutions, and infrastructure. ENGIE is listed on the Paris and Brussels stock exchanges and has a market capitalisation of approximately $37.5 billion as of 17 December 2024. Touat BV is the only remaining upstream investment for ENGIE.

ENGIE and PTTEP entered into a sale and purchase agreement for the divestment of a 34% interest in Touat BV, the entity that owns 65% of the Touat gas fields in Algeria. The Touat gas fields are a strategic fit for PTTEP due to its early-stage gas production and future development potential, which aligns with its gas-focused corporate strategy. Further, this acquisition will strengthen and expand PTTEP operations and presence in Algeria. The fields are located in the southwestern part of Algeria and are highly productive, with early-stage production expected to plateau at approximately 75,000boe/d, accounting for approximately 11% of Algeria’s total gas exports. In addition, with its sizable gas reserves and condensate of 1.9Tcf and 5.4mmboe, respectively, it offers a long production runway, coupled with low unit costs.

Houlihan Lokey acted as the exclusive buyside financial advisor to PTTEP. The transaction highlights Houlihan Lokey’s expertise and capabilities as a market-leading provider of advisory services to oil and gas companies.

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