Thai PTTEP to invest $2.6bn in SE Asia

PTTEP executive: Tevin Vongvanich-led company intends to invest big

PTTEP

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By News wires

 14 June 2012 20:42 GMT

Thailand's top oil and gas explorer, PTT Exploration and Production (PTTEP), plans to invest $2.6 billion in Southeast Asia over the next five years, mainly in Myanmar, and is on track to triple its production to 900,000 barrels per day by 2020, its newly-appointed chief executive said.

Thailand's second-most valuable company, which has been in a bidding war with Royal Dutch Shell for London-listed Cove Energy, expects mergers and acquisitions to contribute 150,000 barrels per day towards that target, chief executive Tevin Vongvanich told Reuters in an interview on Thursday.

"We will invest more than $2 billion in Myanmar, mainly in Zawtika and exploration in deep-sea fields, which needs a lot of money," Tevin told the news wire adding that Southeast Asia accounts for 22% of its five-year budget of $12 billion.

He said the company expected to seek more…

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