Thai PTTEP Says Could Dilute Stake in Montara Field

Reuters

BANGKOK, April 25 (Reuters) – Thailand's top oil and gas explorer, PTT Exploration and Production Pcl, said on Friday it was considering plans to dilute its holding in the Montara oil field off Australia after several delays and rising costs.

"We are considering several options to dilute our investment in Montara and it depends on how much interest potential buyers have," Chief Financial Officer Penchan Charikasem told reporters.

Penchan gave no details about the plan.

PTTEP began production from the Montara field in June 2013 but output is still below target.

The start-up of the field was delayed several times after its development was disrupted by a fire in 2009. The incident led to higher-than-expected costs.

(Reporting by Pisit Changplayngam; Writing by Khettiya Jittapong; Editing by Alan Raybould)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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