Offshore staff

BANGKOK, Thailand – PTT Exploration and Production (PTTEP) has successfully acquired the entire share capital of London-based Cove Energy.

The company submitted a higher bid than main rivalShell was prepared to offer.

Through Cove, PTTEP will take an 8.5% interest in theprolific offshore Rovuma Area 1 and other petroleum projects in Mozambique and Kenya with other joint venture partners.

Rovuma Area 1 holds gas resources currently estimated at up to 60 tcf, and an oil prospect in the Black Pearl structure. Anadarko operates, in partnership with Mitsui, ENH, Bharat Petroleum, and Videocon.

Offshore Kenya, PTTEP gains access to seven deepwater seven exploration blocks. The company regardsEast Africa as a vital future LNG production base to support increasing demand across the Asian region, including Thailand.

8/24/2012