PTTEP Ready for Spending Spree

Thai state-owned oil and gas company PTTEP has revealed a five-year investment strategy worth US$24 billion. Up to 80 per cent of the money is expected to be invested in Southeast Asia including Thailand, Indonesia, Myanmar and Vietnam. 

However, CEO Tevin Vongvanich told a news conference that PTTEP is also interested in shale oil in the United States.

Earlier in the year, PTTEP bought two subsidiaries of New-York based Hess Corporation. The subsidiaries have interests in oil fields in the Gulf of Thailand and gas fields in Thailand.

PTTEP put in an unsuccessful bid for Hess’ Indonesian assets in 2013 after acquiring Cove Energy with assets in Kenya and Mozambique in 2012.

Despite current low oil prices, Vongvanich is positive about the company’s plans, as its production output has always been mixed. Natural gas makes up 67 percent of the company's production and liquid petroleum 33 percent, says The Bangkok Post. 

PTTEP will be flexible about its investments, but plans to spend nearly $5 billion in 2015 pending a mid-year review.