Thai PTTEP in jv to invest in Australia

BANGKOK, Nov 27 (Reuters) - Thailand's PTT Exploration and Production PTTE.BK said on Tuesday its PTTEP Australia Offshore Pty Ltd subsidiary had signed a contract to invest in the AC/P36 field off northwest Australia.

The agreement, which needed the Canberra government's approval, was PTTEP's first investment in Australia and gave PTTEP Australia a 20 percent stake in the project, it said.

Finder Exploration Pty Ltd and Murphy Australia Oil Pty Ltd, a subsidiary of U.S. oil and gas firm Murphy Oil Corp (MUR.N: Quote, Profile, Research, Stock Buzz), each owned 40 percent, the Thai firm said in a statement.

The consortium expected to drill an exploration well in the 4,000 sq km (1,545 sq mile) field in late 2008 or early 2009, PTTEP said.

PTTEP has invested in 37 oil and gas exploration and development projects in the Middle East, Africa and Asia and is looking to buy new gas and oil assets at home and abroad in a bid to increase reserves and capacity.

PTTEP shares, which hit a year high of 176 baht last month, closed at 150 baht on Monday, when the main Thai index .SETI rose 1.03 percent. ($1 = 33.86 Baht) (Reporting by Khettiya Jittapong, editing by Michael Battye)