SET-listed PTT Exploration and Production Plc (PTTEP), Thailand's only upstream petroleum firm, says it's ready to join the bidding for expiring concessions.
President and chief executive Somporn Vongvuthipornchai said PTTEP is still in talks with partners on the issue of what stake each partner would hold in each project. PTTEP has many partners in E&P projects at home and abroad.
"We are still in talks with partners because most of the partners, and PTTEP as well, want to be the biggest shareholder and play the lead role in the projects," Mr Somporn said.
PTTEP's partners are mostly major global private oil and gas companies, including state-own E&P companies that it has partnered with in projects both at home and overseas.
But Mr Somporn said that if PTTEP failed to finalise the proportion of its stake with partners, it would be ready to join the expiring concession bidding as a single E&P operator because it has a firm financial status with strong cash flow of US$4 billion (135.8 billion baht).
Since the government agreed to impose the powerful Section 44 to solve a land dispute to allow other business activity, including E&P operation, on land designated only for agricultural purpose, known as Sor Por Kor, it also made E&P operations on onshore blocks consisting of Sor Por Kor land lawful.
Mr Somporn said the terms of reference for the expiring concession bidding is expected to be announced to the public by August ahead of the bidding to be held by the end of the year.
The results are to be announced early next year, he said.
PTTEP operates the Bongkot gas block, holding a 44.44% stake, while Total E&P Thailand owns 33.33% and Shell Integrated Gas Thailand Pte Ltd holds 22.22%.
Average output at Bongkot is 900 million standard cubic feet per day, which the company aims to maintain this year and next.