Thailand’s Largest Oil and Gas Firm Plans New Asia Investment

Thailand’s largest oil and gas explorer PTT Exploration and Production Pcl (PT­TEP) is planning new in­vestments or an extension of its operations in fields in Thailand, Malaysia and Myanmar, it said last Tuesday.

In Thailand, state-owned PTTEP would bid to extend its concession to operate the Bongkot gas field beyond the exist­ing expiry date of 2023, Executive Vice President Yongyot Krongpanich told an investor briefing.

“We are confident that we will win the concession as we have expertise from operating in this field for two decades,” he said, adding the result was ex­pected in the first quarter of 2018.

PTTEP was also in talks for a joint bid with Chev­ron Group for Thailand’s Erawan gas field conces­sion, but was ready to compete against the US major when the tender opens in September if no agreement for a joint bid was reached, he said.

The existing concession for Erawan, which is now operated by Chevron, ex­pires in 2022.

Yongyot also said PT­TEP planned investments in Malaysia and Myanmar, but did not give details.

PTTEP had $4.4 billion cash and had no plans to issue bonds, he said.

PTTEP said earlier this month it was suspending investment in Indonesiaafter the Indonesian gov­ernment filed a $2 billion lawsuit against the Thai state-owned energy firm for alleged damage from an oil spill eight years ago.

The firm said it ex­pected an average sale of about 300,000 barrels of oil equivalent per day (BOED) in the second quarter, compared with 304,000 BOED in the first quarter.

Parent firm PTT Pcl, Thailand’s largest energy firm, plans an initial pub­lic offering (IPO) in 2018 of its spin-off company, PTT Oil and Retail (PT­TOR), Investor Relations Manager Pichin Apiwan­aphon told another inves­tor briefing.

PTTOR will include ser­vice stations, petroleum products, and lubricant products. It will also over­see non-oil retail busi­nesses such as Café Ama­zon, the coffee franchise, and Fit Auto, the vehicle maintenance service.

 

Source: Myanmar Business Today

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