By Payungsak Wiriyabunditkul
BANGKOK--PTT Exploration & Production PCL (PTTEP.TH) plans
to seek additional 200,000 barrels of oil equivalent a day through
merger and acquisitions as part of its effort to achieve its
production goal at 900,000 barrels of oil equivalent a day by
2020.
The national petroleum exploration and production company now
pumps around 300,000 barrels of oil equivalent, and it could
produce another 400,000 barrels a day from existing projects in the
pipeline, Chief Executive Tevin Vongvanich said Thursday.
PTT Exploration has aggressively expanded its business into
overseas mainly through merger and acquisitions amid limited
petroleum resources at home.
The company in 2010 acquired a 40% stake in Statoil ASA's oil
sand projects in Canada for $2.28 billion--still the biggest
acquisition deal by the Thai company.
The Thai explorer is likely to complete a bid of Cove Energy PLC
(COV.LN) after Royal Dutch Shell PLC (RDSA) decided to pull out of
the race.
Write to Payungsak Wiriyabunditkul at
payungsak.wiriyabunditkul@dowjones.com
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