Thailand’s PTT Exploration and Production plans to expand in Mozambique

25 July 2012

Thai state group PTT Exploration and Production (PTTEP) plans to buy more stakes in oil fields in Mozambique ad in Kenya after conclusion of the acquisition of Irish company Cove Energy, said the company’s executive vice president Asdakorn Limpiti.

Cove Energy’s main asset is an 8.5 percent stake in Area 1 of the Rovuma Basin, in the sea in northern Mozambique, where US group Anadarko Petroleum, which has the biggest stake (36.5 percent) and is the operator, announced it had discovered natural gas reserves estimated to total 66 trillion cubic feet.

The Irish company also has a 10 percent stake in the Rovuma Onshore block and in seven other sea blocks in Kenya, with stakes of between 10 percent and 25 percent.

Cited by English-language newspaper the Bangkok Post, the vice president responsible for strategy and business development, Asdakorn Limpiti noted that the group was interested in acquiring more stakes, “if our future partners plan on letting go of them.”

The group’s chief executive, Tevin Vongvanich said that the acquisition of Cove Energy would be concluded next Tuesday when more than 90 percent of the company’s shareholders agree to sell their shares.

The Thai group is also waiting for authorisation from both the Mozambican Natural Resources Ministry and the Kenya Competition Authority. (macauhub)