Cherdphong Sirivit, permanent secretary of the Energy Ministry, said yesterday the strategy was needed to ensure dependable supplies of energy.

He said oil prices would stay unpredictable, while oil exploration would likely take more than two or three years to strike oil.

Several negative factors including Middle East tensions have caused oil prices to rise around the world.

"The ministry, therefore, has a key policy of buttressing energy security by deploying PTTEP as leader for it," he said.

The ministry is now searching for energy sources.

The Middle East and Africa are considered two of the most interesting possibilities, especially Sudan.

PTTEP is investing in some energy projects in Sudan and plans to swap shares in its S 1 (Sirikit) field here with the overseas projects.

PTTEP also plans to link up with other countries such as China.

The company might join Total Group in developing petroleum fields in Burma, where it has been awarded concessions. Working with Total Group will help PTTEP reduce investment risks because Total Group is a main explorer in the Yadana field in Burma.

PTTEP's exploration and production projects in Thailand are Bongkot, S 1, PTTEP 1, Artit, L22/43, L53/43, L54/43, G 9/48, and G 12/48.

Its joint-venture projects here are E 5, Unocal III, Pailin, G4/43, Phuhom, B8/32 and B9A.

The company's oil exploration projects outside the country include Yanada, Yetakun, M 7, M 3, and M 4 in Burma, and 9-2, 16-1, B&48/95 and 52/97 in Vietnam.

It also has petroleum projects in Cambodia, Malaysia and the Middle East including Oman, Iran and Algeria.

As of January, PTTEP had total proven oil reserves of 950 million barrels and was producing 184,000 barrels a day with sales of 153,070 barrels a day.

Energy Reporters

The Nation