Partex Oil and Gas (Holdings) Corporation is an oil company owned by PTT Exploration and Production, a company based in Thailand.[1] It was previously owned by the Calouste Gulbenkian Foundation, from Lisbon, Portugal, until it was sold in June 2019.[2]
History
Prior to World War I, Calouste Gulbenkian was the entrepreneur behind the formation of the Turkish Petroleum Company which, after many vicissitudes, became the Iraq Petroleum Company in which he held a 5% interest (becoming known as Mr. Five Percent as a result[3]). The contract between Shell, Anglo Persian (now BP), Compagnie Française des Pétroles (now Total), Near East Development Company (ExxonMobil) and Calouste Gulbenkian was signed in July 1928. At the same time the partners undertook to work together within the boundaries of the former Ottoman Empire - the Red Line Agreement. This agreement had a fundamental influence on the future development of the oil reserves in the Middle East and led directly to the Partex Oil and Gas Group's present interests in the United Arab Emirates and the Sultanate of Oman.
In 1938, before the beginning of World War II, Calouste Gulbenkian incorporated in Panama a company to hold his assets in the oil industry.
Organization
The Partex Oil and Gas Group is basically organized by geographical areas and holds interests in concessions and joint ventures engaged in upstream activities related to the oil and gas industry, namely exploration, development, production and sales. The Group is headed by a holding company incorporated in Cayman Island with sub-holding companies, management units, concession companies and service companies that provide to the joint ventures and operating companies in which the Group participates all the necessary advice and financial, technical, management and human resources support that they require, in accordance with the strategy and guidelines defined by the Holding.
Resources
Partex Oil and Gas has access to oil and gas assets based on the percentage ownership of resources estimated to be produced throughout the remaining life of the concessions in which the Group participates. The oil and gas resources of the Group at the end of 2005 reached 215 million barrels of oil equivalent, showing a clear increase in relation to 2004.
See also
External links
References
- PTTEP acquires Partex Holding a strong foothold of expansion in the Middle East as strategically targeted^
- Gulbenkian sells Partex for estimated €555M^
- Norwich, J. J., & Henson, B. (1987). Mr. Five Percent: The Story of Calouste Gulbenkian. [S.l.]: Home Vision. ISBN 978-0-7800-0755-0,.^