PTT upstream arm to explore abroad

PTT Exploration & Production plc (Pttep), the upstream arm of Thailand's state-owned Petroleum Authority of Thailand (PTT) is beginning to look abroad for exploration and development opportunities. Pttep aims to secure exploration licenses in China, Southeast Asia, and the Middle East. Pttep Pres. Prajya Phinyawat said the mainly state-owned firm's ambition is to become a "leading upstream petroleum concern of Southeast Asia" by 2000.

Jan. 26, 1998

2 min read

PTT Exploration & Production plc (Pttep), the upstream arm of Thailand's state-owned Petroleum Authority of Thailand (PTT) is beginning to look abroad for exploration and development opportunities.

Pttep aims to secure exploration licenses in China, Southeast Asia, and the Middle East.

Pttep ambition

Pttep Pres. Prajya Phinyawat said the mainly state-owned firm's ambition is to become a "leading upstream petroleum concern of Southeast Asia" by 2000.

He said Pttep has the potential to obtain exploration rights for an area of the Gulf of Thailand jointly claimed by Thailand and Vietnam, which is believed to be gas-rich.

In another move, Pttep is considering a joint venture partnerships with Kerr-McGee Corp. to pursue exploration interests in China.

In 2000, Pttep aims to start exploration and production activity in Bangladesh's Gulf of Bengal. Bangladesh then will become Pttep's gateway to pursue new upstream interests in South Asia and the Middle East, according to the Pttep chief.

Meanwhile, Pttep's aim to obtain a stake of 11% or more in Indonesia's Natuna gas development project remains intact. The Pttep president said that negotiations between Thailand and Indonesia continue despite Thailand deferring purchase of Natuna gas from 2003 to 2007 (OGJ, Dec. 29, 1997, p. 18).