Offshore staff

BANGKOK, Thailand -- The Petroleum Authority of Thailand (PTT) said its board has approved a nearly $6-billion investment for 2007-2011, 84% of which would be used to develop the natural gas business.

PTT is also set to raise $1.4 billion to finance the five-year investment. The company says it plans to invest $1.6 billion in 2007, $1.5 billion in 2008, $1.4 billion in 2009, $969 million in 2010 and $364 million in 2011.

Major investments will go toward PTT's third natural-gas pipeline from the Eastern Seaboard province of Rayong to two gas fields, a gas separation plant, and an ethane plant. The rest of the investment will go toward oil and petrochemical businesses.

12/26/2006