PTT still competing to acquire Cove
- Published: 31 May 2012 at 17.06
- Online news:
"The competition is still on, and we believe that the conclusion will come before the end of the year," PTT Plc CEO Pailin Chbuchottaw said on Thursday in a Bloomberg Television interview in Bangkok. PTT will watch how Shell (RDSA) responds before considering the possibility of increasing its offer for Cove, he said.
Cove's largest asset is an 8.5 per cent holding in Mozambique's Rovuma Area 1, where a group led by Anadarko Petroleum Corp (APC) has found as much as 30 trillion cubic feet of natural gas, more than three times the United Kingdom's existing reserves. After Shell's bid, Anadarko announced a discovery in the area holding between 7 trillion and 20 trillion cubic feet.
"This is our first move to secure reserves in East Africa," Mr Pailin said. "Mozambique is naturally one of our target areas."
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