As Matahio looked to grow its upstream presence in Southeast Asia, Thailand presented a natural next step.
The strategy was not to simply enter a third geography after New Zealand and the Philippines. It was to do so in a way that reflected Matahio's approach to progressive energy - practical, collaborative, and grounded in operational discipline.
Matahio Energy identified a strategic goal to expand its upstream operations in Southeast Asia, marking its entry into a third geography alongside its existing presence in New Zealand and the Philippines. The challenge lay in acquiring ExxonMobil Corporation's interest in Thailand through a partnership that could uphold a legacy of safety, reliability, and operational excellence. Matahio sought a collaboration that fit its ethos of progressive energy, leading to a robust alliance with Horizon Oil Limited.
The Partnership and Solution
In 2025, Matahio and Horizon Oil Limited successfully acquired ExxonMobil's 100% interest in ExxonMobil Exploration and Production Khorat (EMEPK), which was subsequently renamed MH Energy Thailand LLC (MHET). The partnership leveraged Horizon Oil's prior experience in Thailand and its strengths as a non-operator. Under the agreement, Matahio acquired 25% of the shares in the entity while Horizon held 75%.
The solution defined clear roles: Matahio assumed management of employees and operatorship of the Nam Phong conventional gas field (within the E5 license) on behalf of the consortium. The deal also included a 10% working interest in the Sinphuhorm conventional gas and condensate field. This alliance was founded on shared values of pragmatism, integrity, and forward-thinking energy solutions.
Implementation and Early Success
Following the acquisition, the leadership team initiated deep dives to align people, processes, and performance. Key leaders, including Matahio Energy CEO Wai-Lid Wong, Head of Strategy & Sustainability Han Liang Chong, and Horizon Oil CEO Richard Beament, visited MHET to connect with the local team. These activities focused on balancing long-term strategy with practical insights from local management.
Early success was marked by strengthening external relationships through engagement with Thailand’s energy regulator, the Department of Mineral Fuels (DMF), and the Electricity Generating Authority of Thailand (EGAT). Additionally, MHET hosted its first Oil Manager’s Meeting in Bangkok to foster a collaborative industry community
The alliance between Matahio Energy and Horizon Oil Limited serves as a blueprint for subsequent expansion, demonstrating the potential of partnerships built on mutual confidence and cohesion. By aligning on priorities such as sustainability and community engagement, the partnership is poised to propel continued achievements in Thailand while maintaining a stable and progressive work environment.