HSF and Freshfields lead 1bn Thai resources deal
Herbert Smith Freehills and Freshfields Bruckhaus Deringer have taken leading roles in a deal for the $1 billion cash purchase of Hess Corp's assets in Thailand by the biggest oil and gas explorer in Thailand, PTT Exploration and Production Pcl (PTTEP).
The acquisition gives PTTEP a 15% stake in an offshore natural gas project in the Gulf of Thailand and a further 35% stake in an onshore gas field in the northeast of the country. The transaction also sees PTTEP taking over operation of the onshore gas field.
The Freshfields team is led by Singapore-based energy and natural resources partner Gavin MacLaren, while the Herbert Smith Freehills team is led by Seoul Managing Partner Lewis McDonald with support from a core Seoul-based team including associate Tom Marshall.