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PTT Exploration: Mulling additional stake in Mozambique' s Rovuma offshore block

BY ORANAN PAWEEWUN 

BANGKOK -- PTT Exploration & Production is considering an opportunity to buy an additional stake in Mozambique' s Rovuma offshore oil block.

The company hasn' t participated in the bidding process and hasn' t made a decision yet, Chief Executive Tevin Vongvanich told reporters. "We' re entitled to pre-emptive rights to buy an additional stake when other shareholders offer to sell," he said.

Mr. Tevin said two shareholders in the block--Anadarko and Videocon--are seeking buyers for their stakes. They own 10% of the block each. "It' s too big for us to buy the entire 20% stake," he said.

PTT Exploration last year acquired Cove Energy PLC for $2.2 billion. Cove Energy owns a 8.5% stake in Rovuma Offshore. PTT Exploration has capacity to raise its leverage by borrowing $3 billion to reach its threshold of debt to equity ratio of 0.5.

The Thai explorer is aggressively seeking stakes in offshore projects to meet rising oil and gas demand against a backdrop of declining production at home. PTTEP seeks to at least double its output, which stands around 300,000 bopd, by 2020.

Dow Jones Newswires

02/21/2013

 

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