Thai PTTEP To Spend $1B for Mozambique Project In Next 5-6 Years



Reuters

BANGKOK, Sept 15 (Reuters) - Thailand's top oil and gas explorer, PTT Exploration an Production Pcl, said on Monday it planned to spend up to $1 billion for a Mozambique project over the next five to six years starting from 2015.

The project, which will link to a liquefied natural gas terminal, aims to produce 10 million tonnes of LNG a year by late 2018 or 2019, chief executive Tevin Vongvanich told reporters.

In 2012, PTTEP acquired Cove Energy, which owns an 8.5 percent stake in a Mozambique licence in the Rovuma offshore basin.

(Reporting by Pisit Changplaygnam; Writing by Khettiya Jittapong)



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