PTTEP to sell Australian gas field in 2023

PTT Exploration and Production Plc (PTTEP) is continuing to refocus its investments on new petroleum sites, with the latest plan to sell the Cash and Maple gas and condensate field in Australia.

This move would leave PTTEP with some small petroleum businesses in Australia.

Montri Rawanchaikul, chief executive and president of PTTEP, said the company expects to sell this asset in 2023, following an announcement several years ago.

Cash and Maple, located 680 kilometres west of Darwin in the Timor Sea, contains an estimated 3.5 trillion cubic feet of petroleum resources.

Drilling wells, made during explo- rations in 2011 and 2012, provided encouraging results that indicated a larger gas resource than previously projected.

“But the area is too far and production costs would be high, driven by the construction of a gas pipeline,” said Mr Montri. “If we shift to…