At a ceremony in Bangkok on 18 March 2011, Statoil signed a Memorandum of Understanding (MoU) with PTT Exploration and Production (PTTEP) of Thailand.

Last November, Statoil agreed to sell to PTTEP a 40% stake in its Kai Kos Dehseh Canadian Oil Sands asset, forming a strong partnership with PTTEP. The MoU builds on this partnership and opens the door for further cooperation between the two companies.

'Through this MoU we are delighted to extend our cooperation and express our intention to identify joint business opportunities and technology development projects,' says Helge Lund, CEO of Statoil.

Under the MoU, the companies will seek to cooperate in the areas of conventional and unconventional resources and liquefied natural gas (LNG) in a global setting. The MoU does not impose restrictions on the ability of either company to separately pursue other business opportunities.

'This MoU marks another big step for PTTEP's future growth cooperation with Statoil. We are delighted to have Statoil as our partner,' says Mr. Anon Sirisaengtaksin, PTTEP president and CEO.

Tags: PTT Exploration and Production Public Company Limited, Statoil