Herbert Smith Freehills is advising PTT Exploration and Production Pcl (PTTEP), Thailand's biggest oil and gas explorer, on its $1 billion acquisition of Hess Corp's assets in Thailand. Hess Corp is being guided on the deal by Freshfields Bruckhaus Deringer.

The Freshfields team is being led by Singapore-based energy and natural resources partner Gavin MacLaren.

The deal is part of PTTEP’s strategy to boost its gas business. Under the terms of the deal, PTTEP will gain stakes in the Pailin, Morakot and Ubon oil fields.

The acquisition of Hess Exploration Thailand Co will close by the end of May, according to a PTTEP statement.

"We have acquired the whole shares of Hess Thailand Holdings II Ltd and Hess Exploration Thailand Company Ltd," Chief Executive Tevin Vongvanich said.

The purchase comes after PTTEP and Indonesia state-owned oil company PT Pertamina agreed last year to buy Hess's Indonesian assets for $1.3 billion.

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