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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
General Images of PTT Pcl Ahead of Fourth-Quarter Earnings
Photographer: Brent Lewin/Bloomberg
Updated on

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.