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PTTEP to explore opportunities in Iraq

An Intelligent Use of Cash

PTTEP to explore opportunities in Iraq

PTT Exploration and Production Plc (PTTEP) plans to explore business opportunities in Iraq now that the United States-led war on the country has eased.

Chitrapong Kwangsuksathit, the company’s president said, "It is possible that new rules and structures of petroleum concessions will be established in post-war Iraq. Because of this, PTTEP is keen on investment in petroleum exploration in the country, maybe, in the form of a joint venture with other companies of the US or European nationals."

Iraq has abundant petroleum resources and has oil reserves of as high as 100,000 barrels.

PTTEP has invested in three petroleum exploration projects in the Middle East. Of these, two projects are located in Oman and Algeria and another one is still under negotiation and thus unable to be revealed in detail.

Chitrapong said that the investment in the Middle East was part of the company’s plan to expand the petroleum exploration and production. Most production sources owned by the firm are based on natural gas. Therefore the company has a policy to increase the number of oil-based production sources. (TNA)


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