PTTEP dissolves two inactive Aussie subsidiaries
Thai state-owned PTT Exploration and Production Public Co (PTTEP) has dissolved two inactive Australian subsidiaries effective March 3, the company said on April 7.
The company has dissolved PTTEP Australia and PTTEP Australia Offshore, “in order to improve operational efficiency and minimise administrative costs,” it said. PTTEP added this move has no impact on its operations.
PTTEP expects to sell its Cash-Maple gas and condensate field in Australia this year. The Cash-Maple field, located approximately 680km west of Darwin and 700km northeast of Broome, contains an estimated 3.5 trillion ft3 of resources.
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.