Thailand’s PTT to pump more Africa gas

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PTT Exploration and Production Plc, Thailand’s main petroleum explorer and the second largest oil and gas producer in Southeast Asia behind Malaysia’s Petronas, has said it will invest $1.3 billion into its African operations over the next five years after it recently acquired UK-based Cove Energy, a petroleum company focusing on fields in East Africa.

With the acquisition PTTEP has obtained the rights to explore large natural gas reserves in the region, including the Rovuma onshore and offshore fields and the Black Pearl field in Mozambique, as well as seven blocks in Kenya’s offshore deep water fields.

PTEP said it is interested in acquiring more shares in the Rovuma project or in new petroleum blocks in East Africa. It wants to more than triple production to 900,000 barrels of oil equivalent per day by 2020 from the current 280,000.

The company has recently raised $3 billion for its expansion by offering 650 million new shares to existing shareholders.

Apart from Africa, PTTEP also plans to step up domestic production in the Gulf of Thailand as well as production in Myanmar, Australia and at its oil sand project in Canada.

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Reading Time: 1 minute

PTT Exploration and Production Plc, Thailand’s main petroleum explorer and the second largest oil and gas producer in Southeast Asia behind Malaysia’s Petronas, has said it will invest $1.3 billion into its African operations over the next five years after it recently acquired UK-based Cove Energy, a petroleum company focusing on fields in East Africa.

Reading Time: 1 minute

PTT Exploration and Production Plc, Thailand’s main petroleum explorer and the second largest oil and gas producer in Southeast Asia behind Malaysia’s Petronas, has said it will invest $1.3 billion into its African operations over the next five years after it recently acquired UK-based Cove Energy, a petroleum company focusing on fields in East Africa.

With the acquisition PTTEP has obtained the rights to explore large natural gas reserves in the region, including the Rovuma onshore and offshore fields and the Black Pearl field in Mozambique, as well as seven blocks in Kenya’s offshore deep water fields.

PTEP said it is interested in acquiring more shares in the Rovuma project or in new petroleum blocks in East Africa. It wants to more than triple production to 900,000 barrels of oil equivalent per day by 2020 from the current 280,000.

The company has recently raised $3 billion for its expansion by offering 650 million new shares to existing shareholders.

Apart from Africa, PTTEP also plans to step up domestic production in the Gulf of Thailand as well as production in Myanmar, Australia and at its oil sand project in Canada.

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