PTTEP Considering Bid for Cove Energy

PTT Exploration and Production (PTTEP), Thailand's top oil and gas explorer, is reportedly studying whether to bid for Cove Energy, Reuters reported. 

Cove said in December it was inviting bids for its main asset, an 8.5 percent stake in the Rovuma block off the coast of Mozambique, but then said in January it would consider an outright sale of the company.

'We are studying a plan but no real decision has been made whether we will make a bid or not,' PTTEP Chief Executive Anon Sirisaengtaksin told Reuters, expecting the bidding to begin in late February. Britain's Sunday Times reported the Thai company was among those considering a bid for the independent oil group.

Anon said: 'Eventually, it will depend on the price ... We are keen on some projects with most of the assets located in Africa. This bidding is not easy because there are several countries interested to enter the race,' he added.

On Jan. 14, India's ONGC Videsh Ltd (OVL) and GAIL India Ltd were reported to be making a joint bid for the British firm.