Thai PTTEP Says Keen To Buy Chevron’s Stake In Myanmar Gas Field

PTT Exploration and Production Pcl (PTTEP), Thailand’s largest oil and gas explorer, said on May 24 it was keen to buy a stake in Yadana gas field in Myanmar from Chevron Corp. (NYSE: CVX).

PTTEP, the flagship in the upstream business of PTT Pcl, was in talks to buy stakes in several oil and gas fields in Thailand and Southeast Asia, and expected to conclude at least one deal this year, Pannalin Mahawongtikul, executive vice president for finance, told reporters.

PTTEP, which is also interested in buying a stake in Bangkok offshore gas field from BG Group, has cash of $3.7 billion, enough for acquisitions, Pannalin said.

“We focus on projects which are operating, so that we can book revenue immediately after the purchase,” she said adding Myanmar will be the company’s major investment outside Thailand.

PTTEP has said it aimed to increase investments at home and Southeast Asia to secure long term energy supplies. It set production target of 600,000 barrels of oil equivalent per day (boe/d) by 2020.

Source: Reuters

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