PTTEP game for more Africa outlays
Cove will require $1.3bn over five years
- Published: 12 Dec 2012 at 00.00
- Newspaper section: Business
Thailand's sole petroleum explorer, PTT Exploration and Production Plc (PTTEP), estimates its recently acquired UK-based Cove Energy will require US$1.3 billion in investment capital for its operation the next five years.
PTTEP is convinced Cove owns the rights to large reserves of natural gas in East Africa, which would translate to huge revenue for PTTEP in the future.
Cove has an 8.5% participating interest in the Rovuma project, which is a large natural gas field in East Africa.
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