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PTTEP pushes ahead despite setbacks

With an aggressive foreign strategy, Thailand’s state oil firm wants to put a string of setbacks behind it

If the oil and gas game were likened to a boxing match, then Thailand’s PTT Exploration and Production (PTTEP) would be considered a featherweight. But the Asian firm certainly has ambitions to punch above its weight. After making the headlines in 2009 for all the wrong reasons – the Thai operator was responsible for one of Australia’s worst oil spills in the Timor Sea – the national oil company (NOC) grabbed the spotlight last year when it went head-to-head with Anglo-Dutch supermajor Shell in its bid to buy junior explorer Cove Energy. At $1.9 billion, many analysts were quick to say it paid over the odds. But the deal saw it snare a foothold in a prolific gas play offshore Mozambique.

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