PTT Exploration and Production (PTTEP) is looking at adjusting its five-year investment plan (2013-17) to increase its investment in petroleum fields in Southern Africa so production can begin by 2019.
President and chief executive officer Tevin Vongvanich said yesterday that the company would proposed the adjusted five-year investment plan in December, as there would be a clearer picture of its investment via Cove Energy, which PTTEP took over recently, in Mozambique-based energy. In addition to combined natural-gas reserves of 60 trillion cubic feet per day in Mozambique, Tanzania and Kenya in which PTTEP participates, there would be another reserve of 30-50tcf/d.
"Therefore, the company will select only petroleum fields that are producible within two or three years when it thinks of buying new assets. We now have two large fields for long-term development, which are in Southern Africa and Canada."
PTTEP's existing investment plan was from 2012 to 2016 with a total budget of Bt400 billion. The newly adjusted budget is expected to focus more on investment expansion in large projects such as the oil sands in Canada and conventional fields in Mozambique. PTTEP expects to start production of petroleum as soon as possible, in 2019.
In addition, PTTEP has given importance to investment in Southeast Asia, especially Myanmar. Southeast Asia accounts for 20 per cent of its investment portfolio.
"Cancellation of sanctions on Myanmar has made many foreign oil companies interested in joining a venture with PTTEP in oil and gas fields," said Tavin, adding that the company had allowed Total and Nippon Steel to hold stakes in some of its fields.
Meanwhile, PTTEP estimates that resumed production in Australia's Montara oilfield in the Timor Sea will be delayed until the first quarter of next year from the previous schedule of the fourth quarter this year.
Tevin said the company had just received a licence from the Australian government. The area was recently hit by a cyclone, preventing the company from installing equipment, causing production delays.
The Montara project has a daily production capacity of 30,000 barrels of oil. It ran into trouble with the Australian government after an oil and gas leak in 2009 caused environmental problems.
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Source: http://www.news.thethailandlinks.com/2012/10/06/pttep-may-step-up-on-investment-in-africa/
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