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PTT Exploration and Production Plc (PTTEP), Thailand's sole publicly traded petroleum explorer, is looking to invest in North America's shale gas through a joint investment with strategic partners, Bangkok Post reports.
The plan is part of PTTEP's goal to have total petroleum output of 900,000 barrels of oil equivalent per day in 2020. To achieve that target, the company needs to find another 300,000 BOED as its existing petroleum projects will produce 600,000 BOED by that year.
Tevin Vongvanich, the president and chief executive, on May 9 said the company might either join hands with strategic partners or acquire assets related to shale gas resources.
"Shale gas in North America has been produced for a couple of years, and we plan to develop liquefied natural gas from there to serve the Thai market," said Mr Tevin.
PTTEP has a petroleum project in Canada's oil sands through a joint venture with Norway's Statoil, producing 10 billion barrels per day, to be increased to 18.8 billion bpd. Its Montara field in Australia is slated to start producing gas this month at 10 billion bpd before rising to 25 billion bpd by year-end.
To prepare for a variety of oil and gas resources, PTTEP signed a memorandum of understanding with the Science and Technology Ministry on May 9 to cooperate on research and development for exploration and production.
Science and Technology Minister Woravat Au-apinyakul said the ministry will exchange information and human resources with PTTEP.
Thailand's energy demand has risen sharply each year, and it needs to secure resources by using technology, he said.
Mr Tevin said PTTEP uses various technologies to control exploration and production costs.
Meanwhile, Energy Minister Pongsak Raktapongpaisal said PTT will review its investment strategies by working with the think-tank National Economic and Social Development Board (NESDB).
First on the agenda is to establish a gas pipeline services firm and allow third-party access to gas distribution services in Thailand.
Mr Pongsak instructed the NESDB and PTT to collaborate on reviewing business strategies a month ago.
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