PTT confidents no shortage of natural gas in next decade

BANGKOK, Feb 13 (TNA) -- Thai state-owned SET-listed oil and gas company, PTT Public Co, Ltd is optimistic that there would be no shortage of natural gas in Thailand in the next 10 years, said Tewin Wongwanich, CEO and President of PTT. Expressing his confident, Mr Tewin said although natural gas production in the Gulf of Thailand and in Myanmar’s Gulf of Martaban has started declining while demand is rising, PTT has started to import liquefied natural gas (LNG) from several sources. There would be as much as 19 million tonnes of LNG per year in future, said Mr Tewin. Currently, PTT has signed a long-term LNG purchasing contracts with Qatar, Shell Eastern Trading (PTE) Ltd and BP Singapore Pte. The first delivery of LNG from Shell and the BP will start this April while PTT plans to sign a purchasing contract with Malaysia’s Petronas during the first quarter this year in which Petronas would supply 1.2 million tonnes of LNG per year. Eventually, PTT will acquire more than 5 million tonnes of LNG per year. On global crude oil price, he forecast that the price would stay between 50 US dollars per barrel. (TNA)