Global Oil & Gas: PTTEP reviews investment in five overseas sites, Mozambique included

PTT Exploration and Production Plc (PTTEP) president Phongsthorn Thavisin said the company was reviewing its investment in a site in Mozambique, an oil sand field in Canada, the M3 field in Myanmar, the Hassi Bir Rekaiz field in Algeria, and the Cash Maple field in Australia.

PPTEP is reviewing its investment in five overseas sites and may restructure its organisation as disruptive technology is increasingly promoting the roles of renewable energy.

The company was considering oil prices, costs and investment criteria among other factors. It might maintain investment or sell shares and the answers would be clear within the first quarter of next year, he said.

According to him, PTTEP is ready for restructuring as disruptive technology develops the renewable energy in the way that it has impacts on petroleum. The company is looking for new investment opportunities apart from petroleum exploration and production.

Mr Phongsthorn also said that the crude oil price next year would be close to this year’s level of US$50-60 a barrel.

PTTEP’s petroleum sales will stand at about 300,000 barrels a day in the next three years. Production will decline in the Gulf of Thailand and increase at inland sites, he said. (TNA)