Statoil along with PTT Exploration and Production of Thailand will examine ways to cooperate in conventional and unconventional resources, including liquefied natural gas.
The memorandum doesn't prohibit either company from pursuing other business ventures, Statoil noted.
PTTEP President and Chief Executive Officer Anon Sirisaengtaksin said in a statement he was "delighted" to have Statoil as a partner in the energy sector.
"This (memorandum) marks another big step for PTTEP's future growth cooperation with Statoil," he added.
Statoil in November sold the Thai company a 40 percent stake in Canadian oil sands developments. The Norwegian company said the memorandum "opens the door" for further cooperation in conventional and unconventional resources.