PTT Exploration and Production Plc (PTTEP) has announced that it is on the point of finalizing an investment decision on three petroleum resources, postponed since last year.

These three petroleum resources were delayed from last year as a result of the difficult process of procuring licences from local and central governments as well as unclear business models.

According to Executive vice-president for finance and accounting, Pannalin Mahawongtikul, the three projects are the Rovuma Offshore Area 1 in Mozambique, the Hassi Bir Rekaiz project in Algeria as well as the Ubon block in the Gulf of Thailand.
She added that the decision on these three projects would help the company progress business plans for projects that are still in the exploration stage.

Mozambique’s Rovuma A1 project involves a liquefied natural gas (LNG) facility and also a huge investment of $22 billion in the next 5 to 6 years. It is estimated to produce 12 million tonnes of LNG annually year. 70% of this production has already been contracted to major buyers, including PTTEP Plc.

Pannalin said PTTEP holds an 8.5% stake in Rovuma A1 and the project requires about $1.9 billion capital expenditure while the Hassi Bir Rekaiz project in Algeria is in the process of petroleum reserve appraisal, production would begin afterwards.

Anita Fatunji