PTT Plc and its subsidiaries are preparing to conduct the feasibility study of an oil and gas complex in Mozambique.
Tevin Vongvanich, the chief executive of PTT Exploration and Production Plc (PTTEP), said the Mozambican government is welcoming foreign investors to develop the country's natural resources such as oil and gas, gems and fishery.
The southeastern African country plans to turn oil and gas resources into a major economic growth driver. To achieve that, it has to further develop the oil and gas industry.
The Mozambican government is impressed with the success story of the Map Ta Phut oil and gas complex over the past 30 years and will apply it as a model for its key industry.
A memorandum of understanding between the Thai and Mozambican national oil companies will be signed shortly, Mr Tevin said.
In a deal worth US$1.9 billion, PTTEP in August 2012 acquired Cove Energy Plc, which has an 8.5% share in Mozambique's Rovuma Offshore Area 1 (Rovuma-1).
The Texas-based Anadarko Petroleum Corporation, the operator of Rovuma-1, plans to develop a liquefied natural gas (LNG) complex in the area and expects to supply Asian markets including Thailand.
Last month, India's Oil and Natural Gas Corporation acquired a 20% stake of Rovuma-1, 10% each from Anadarko and Videocon Group, for $5.02 billion.
Rovuma-1 has potential to become one of the world's largest liquefied natural gas-producing hubs by 2018, and is strategically located to supply gas to India at competitive prices.
"We not only need LNG (liquefied natural gas) from Mozambique, but also are ready to help the country create a success story of economic development like the Map Ta Phut oil and gas complex," said Mr Tevin.
Recent discoveries have turned Rovuma-1 into a major draw for global energy producers and boosted Mozambique's natural gas reserves to around 150 trillion cubic feet.
This could turn Mozambique into the world's third-largest LNG exporter after Qatar and Australia.
PTTEP, meanwhile, plans to announce technical partners and details of the floating LNG project in Australia' Cash and Maple field in the first half of next year.
The project formerly involved producing and sending gas through a pipeline but a high production cost has prompted PTTEP to turn it into a floating LNG facility, a water-based LNG operation using latest technologies to produce, liquefy, store and transfer LNG at sea before carriers ship it directly to markets, eliminating the need for pipelines.
PTTEP also targets to triple oil production from Australia's Montara field next year after starting up in June this year at 10,000 barrels per day.
The company was awarded by United Nations Framework Convention on Climate Change for the clean development mechanism used at its onshore Soa Thien gas field, which turns methane gas flare into power.
The Soa Thien field produces 700,000 standard cubic feet of methane per day. PTTEP has co-developed the power generator at Soa Thien with Ratchaburi Electricity Generating Holding Plc.
Share of PTTEP closed Friday on the Stock Exchange of Thailand at 169.50 baht, down 50 satang, in heavy trade worth 1.68 billion baht.