ROVworld Subsea Information

PTTEP Takes Canadian Oil Sands Projects As Profits Tumble
Date: Monday, February 03, 2014 @ 07:00:00 EST
Topic: ACQUISITION/MERGER NEWS


 Oil explorer PTT Exploration and Production is set to take a 100% stake in three Canadian oil sands after scrapping a joint project in the country.

 

The Thai state-owned company will take full ownerhsip of the Thornburgy, Hangingstone and South Leismer fields following the end of the Kai Kos Dehseh project in Alberta.



 The deal will also see former partner Statoil pay the Thai firm $200million (£121million), subject to approval by Canadian authorities, with the Norwegian operator taking ownership of the Leismer and Corner projects.

 

“This transaction allows for PTTEP to adjust its portfolio and the timing of its capital expenditures, based on the current market situation, to achieve optimal investment returns,” said PTTEP chief executive Tevin Vongvanich.

 

“It is also an opportunity for each party to pursue its own strategic direction.”

 

The deal comes as PTTEP saw profits fall 47% for the last quarter of 2013, posting $238million in net income compared to $449million during the same time last year.

 

The collapse of the Thai currency following months of political unrest helped drag own the figures.







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