PTTEP to seek additional energy resources

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BANGKOK, 30 April 2013 Thailand’s largest energy company will go ahead with the search for new energy resources for the country. 

The government has urged energy-related agencies to seek alternative energy sources to increase the nation’s energy security for future consumption and reserves.

In response, PTT Exploration and Production (PTTEP) president and CEO Tewin Wongwanich said the PTTEP has laid out an overseas investment plan, as well as a 5-year energy development plan for 2013-2017.

The plan is divided into 3 stages, which involves maintaining the current petroleum production level at existing fields, developing the already explored sites, and carrying on with the exploration of oil and gas both domestic and international; such as in Thailand’s deep Andaman Sea and in Myanmar.

With the plan, PTTEP is expected to produce 600,000 barrels of oil per day by 2017, increasing from the current daily production capacity of 340,000 barrels.

According to Mr. Tewin, PTTEP is also determined to seek potentially new energy sources in many countries namely; New Zealand, Indonesia, Egypt, Kenya, Mozambique, Papua New Guinea and South America.

In addition, to find additional potential petroleum resources, PTTEP will propose a plan to bid for a concession to Myanmar’s onshore and offshore oil and gas exploration blocks, said the PTTEP president.