SET-listed oil and gas drilling firm PTT Exploration and Production (PTTEP) has postponed making a final investment decision on Rovuma Offshore Area 1 in Mozambique from April to June, saying the project is awaiting approval from the Mozambique government.
PTTEP has a 8.5% stake in the Rovuma Offshore Area 1 project through a subsidiary, PTTEP Mozambique Area 1. Anadarko holds 26.5%, Mitsui E&P Mozambique Area 1 Limited holds 20%, Empresa Nacional de Hidrocarbonetos holds 15% and BPRL Ventures Mozambique BV, ONGC Videsh and BEAS Rovuma Energy Mozambique each hold 10%.
The project is designed to be a production facility for liquefied natural gas (LNG), but the consortium for the project has yet to make a decision on the massive investment of roughly US$23-24 billion (728-759 billion baht).
The project is expected to start with 100 million cubic feet per day for the onshore LNG facility.
Phongsthorn Thavisin, PTTEP's president and chief executive, said the consortium has already secured LNG sale and purchase agreements with buyers for a combined 11.1 million tonnes per year from a maximum capacity of 12.88 million tonnes.
Including this area, PTTEP aims to increase oil and gas sales to 500 kilo barrel of oil equivalent per day (KBOED) by 2030 from 321 KBOED as of the first quarter.
Chanamas Sasnanand, PTTEP's senior vice-president for finance, said the company recently decided to invest in Algeria's Hassi Bir Rekaiz project, in which PTTEP has a 24.5% stake.
"PTTEP plans to produce crude oil of 10-13 KBOED in the first phase in 2021, reaching 50-60 KBOED in the second phase by 2025," she said.
"PTTEP is planning to increase its oil and gas reserves to last more than seven years, up from five years."
Ms Chanamas said PTTEP plans to expand its business presence to emphasise in Oman and the United Arab Emirates, as well as Southeast Asia, in both new investments and asset acquisition.
In March, PTTEP completed the purchase agreement of Murphy Oil Corporation's asset in Malaysia in a deal worth $2.13 billion as Murphy Oil plans to leave its oil and gas operation in Southeast Asia.
She said this asset was worth buying because it has five petroleum fields for production and exploration and a skilled staff of almost 600.
In Myanmar, PTTEP is designing ways to add value to natural gas that will be pumped up from the M3 location to generate power supply for local residents.
