PTTEP to Raise Funds for Oil, Gas Reserves Expansion

Thailand's PTTEP would offer up to 650 million new shares to raise billions of dollars to finance its global expansion and secure oil and gas reserves.

A report in Reuters citing a company statement said that PTTEP would offer 403.4 million shares to its parent PTT and another 214.44 million to the public. 

PTTEP has been under pressure to raise funds to finance its massive investments as part of its drive to triple its production to 900,000 barrels of oil equivalent per day by 2020, Reuters said.

The recently conculed Cove deal will enable PTTEP to gain access to massive gas finds off the coast of east Africa after Royal Dutch Shell bowed out of a five-month bidding war, the report added.