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Business deals

Thailand's PTTEP buys 20% stake in Oman gas project from BP

State-owned company invests in overseas fields as domestic sources decline

A PTT Exploration and Production gas rig operates in the Gulf of Thailand. (Photo courtesy of PTTEP)

BANGKOK -- Thailand's state-owned resource developer PTT Exploration and Production said Monday it will spend $2.45 billion to purchase a 20% interest in an Omani natural gas field from British oil major BP.

Thailand is looking to acquire gas fields abroad to make up for diminished reserves at home. PTTEP, a subsidiary of energy conglomerate PTT, aims to expand liquefied natural gas operations and is beefing up its overseas business.

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