(Adds details of the project)
BANGKOK, Sept 22 (Reuters) - Thailand's top oil and gasexplorer, PTT Exploration and Production Pcl, hasagreed to acquire a 20 percent stake in Brazilian offshore oiland gas concession BM-ES-23 from Royal Dutch Shell foran undisclosed sum.
The acquisition is a milestone for PTTEP's expansion inSouth America, a region with high petroleum potential, the Thaifirm said in a statement on Monday.
The concession is located in the Espirito Santo Basin, in adeepwater block covering about 550 square km (212 square miles).The joint venture partners plan to conduct exploration andappraisal drilling in 2014 and 2015, the statement said.
The agreement is subject to approval from Brazil's NationalAgency of Petroleum, Natural Gas and Biofuels. Petrobras, operator of the block, will hold 65 percent andInpex Corp 15 percent.
PTTEP, the flagship company of state-controlled PTT Pcl, made its first investment in Brazil in April 2014 andholds 25 percent in four exploration deepwater blocks inBarreirinhas basin in the Atlantic Ocean.
PTTEP, ranked among Asia's top 10 explorers, is scouting foroil and gas assets to boost energy security in Thailand.
The company aims for 10 percent growth in petroleum salesthis year and wants to double output to 600,000 barrels of oilequivalent per day (BOEPD) by 2020. (Reporting by Khettiya Jittapong; Editing by Alan Raybould)