BANGKOK, 28 April 2013 Thailand’s leading energy explorer is considering an investment plan in Papua New Guinea although the company has conceded that more time is needed before a conclusion is drawn.
Mr. Tevin Vongvanich, President and Chief Executive Officer of PTT Exploration and Production Public Company Limited (PTTEP), revealed that the company’s investment feasibility study has been underway in Papua New Guinea.
He stated that the plan was conceived to help Thailand achieve energy security in the future when local demand is expected to surpass domestic supply.
The President and CEO of PTTEP said Papua New Guinea is considered a possible investment destination as the country has been discovered with natural gas deposits and its liquefied natural gas development project has already begun.
Mr. Tevin added that the government of Papua New Guinea extended an official invitation to Prime Minister Yingluck Shinawatra during her recent trip to the South Pacific nation for Thailand to conduct an exploration project.
He said PTTEP is in the middle of data collection and analysis to determine the quality of the natural gas deposits and if the investment will be worthwhile.
PTTEP stressed that more time will be needed before a thorough study in Papua New Guinea can be completed and a decision can be made.