Thailand explores for petroleum investment in ME

Thailand explores for petroleum investment in ME

Senior Energy Ministry officials, led by Minister Piyasvasti Amaranand, will pay a five-day visit to three Middle East countries this week and explore for ways to increase petroleum investment by two Thai government-run oil firms.

Mr. Piyasvasti will visit Oman, Qatar and the United Arab Emirates (UAE) February 8-12 intending to follow-up projects jointly undertaken by the Thai government and the three countries, as well as finding the opportunity to produce crude oil there and for shipping directly to Thailand to cushion high oil prices here.

Thailand, according to Mr. Piyasvasti, now imports crude mainly from Oman at approximately 300,000 barrels per day while PTT Exploration and Production (PTTEP) has received a concession to explore for petroleum in two designated exploration blocs in that country. PTTEP has also signed a memorandum of understanding with the Oman Oil Co. to jointly invest in petroleum ventures in a third country.

The Thai delegation will also visit the Shams bloc, one of the two concession sites, as plans are underway to boost crude oil production to 10,000 barrels daily from 4,000 barrels per day now and natural gas production to around 100-120 million cubic feet per day from 50 million cubic feet per day now. PTTEP plans to transport crude from this bloc for consumption in Thailand in future.

Mr. Piyasvasti is scheduled to discuss with senior officials of Qatar, largest producer of natural gas, on the possibility for both PTT Public Co., Ltd. and PTTEP to increase investment in petroleum production in that country.

In future, PTTEP plans to increase its investment in Qatar while PTT will expand its petroleum business in the Middle East overall, he added.


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