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May 27, 2010

PTTEP Seeks Foreign Assets to Boost Growth

PTT Exploration and Production (PTTEP) is keen to buy more oil and gas assets worldwide this year, according to company executives. PTTEP is seeking assets in South America, Africa and the Commonwealth of Independent States (CIS) to add to its core exploration locations in Myanmar, Indo

By cms admin

PTT Exploration and Production (PTTEP) is keen to buy more oil and gas assets worldwide this year, according to company executives.

PTTEP is seeking assets in South America, Africa and the Commonwealth of Independent States (CIS) to add to its core exploration locations in Myanmar, Indonesia and Australia.

PTTEP executive vice-president Asdakorn Limpiti told Reuters the firm is focused on high-quality assets and whether it wins or loses, its growth objective is geared towards foreign rather than domestic markets.

“We’ve been working closely with Statoil about the potential to do business together, whether in Brazil or other places,” Asdakorn said.

“Assets as big as 200 million barrels or more are hard to find these days, but I think we’re looking for at least a reserve of 100 million barrels.”

PTTEP plans to raise THB47bn ($1.45bn) of new funds in 2010, all in the domestic market, with the proceeds going to business expansion and overseas acquisitions, Asdakorn said.

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