Thai's PTTEP embarks on new ventures in Indonesia: Report

PTT Exploration and Production Plc (PTTEP) plans to invest directly in three new blocks in Indonesia under a policy aimed at increasing its overseas investment revenue, Bangkok Post reported Tuesday.

The direct investment represents a departure from PTTEP's previous strategy. Previously, investments in Indonesia had been made through Medco Energi, a company 34% owned by PTTEP.

PTTEP president Maroot Mrigadat said the new business model for investment in Indonesia would help the company increase benefits from overseas.

He added that Medco was primarily keen on onshore exploration and production, rather than offshore exploration.

The three new blocks are Senoro Toili, Central Sulawesi, Yapen and Rombebai in Irian Jaya. The value of the investments was not disclosed. All of the fields are operated by Exspan Nusantara, wholly owned subsidiary of Medco.

PTT expects to hold a direct 25-30% stake in the exploration investment in each field.(*)