Armed With $11 Billion, Thai Oil Giants Hunt for Investments
- PTT E&P focusing on Southeast Asian fields, LNG projects
- Company and parent hold almost $11 billion cash, securities
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The Asian energy companies sitting on the largest hoard of cash outside China are ready to put it to use.
Thailand’s PTT Exploration & Production Pcl and its parent company have nearly $11 billion combined in cash and marketable securities, such as bonds and other short-term investments. The explorer is ready to spend from its portion on projects and exploration acreage to rescue declining oil and gas reserves, according to Chief Executive Officer Somporn Vongvuthipornchai.