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Wednesday, January 8, 2014
PTTEP plans to invest around $5.5 billion this year, nearly 60% more than it had previously estimated due to its investment in Mozambique and the need to commercialize the discovered reserves through a LNG facility. The company holds an 8.5% stake in Mozambique’s Offshore Area 1.
It may also cut ties with its investment in the KKD oil sands project in Canada due to high costs and expects to make a decision within this year.
“There are several possibilities. We may push ahead or pull back. But I can’t tell more details because we need to do some assessment first,” the company’s chief executive Tevin Vongvanich told a news conference.
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