PTTEP Snapshot
PTT Exploration and Production (PTTEP) was established for the sole purpose of searching for gold -- black gold, that is. The company engages in petroleum exploration and production, with more than 40 active projects in Algeria, Australia, Bahrain, Bangladesh, Cambodia, Egypt, Indonesia, Iran, Malaysia, Myanmar, New Zealand, Oman, Thailand, and Vietnam. The company has proved reserves of 946 million barrels of oil equivalent. Its end products include crude oil, natural gas, liquid propane gas, and condensate. PTTEP also operates natural gas pipelines. In 2010 it agreed to buy 40% stake in Statoil's Canadian oil sands project for $2.3 billion. PTTEP was founded in 1985; PTT Public Co. owns 66% of its shares.
