Leading international law firm Herbert Smith Freehills has advised PTTEP Netherlands Holding Coöperatie U.A. (PTTEP NH) and PTTEP Brazil Investment B.V. (PTTEP BI), subsidiaries of Thailand's PTT Exploration and Production Public Company Limited (PTTEP), on the divestment of offshore oil exploration concessions to Brazilian oil company Ubuntu Engenharia e Serviços Ltda.
PTTEP is Thailand's national petroleum exploration and production company. Under the terms of the transaction, PTTEP's subsidiaries will divest minority interests in the BM-ES-23 Concession in Espírito Santo Basin and the AP-1 Concession in Barreirinhas Basin.
"We're pleased to assist PTTEP with its realignment of business portfolio, which is in line with the Company's strategy to focus on petroleum exploration and production in its strategic countries, including Thailand, Southeast Asia and the Middle East," said partner and head of Asia energy Hilary Lau.
From Hong Kong, Hilary led the team advising PTTEP, comprising associate Christie Wu and trainee solicitor Cara Chan, working with Singapore energy partner Irina Akentjeva and Kuala Lumpur associate Wan Jian Loh. Law firm Trench Rossi Watanabe assisted on Brazilian law aspects of the transaction.