Thai PTT looks to buy domestic oil and gas assets

BANGKOK, May 27 (Reuters) - Thailand's largest energy firm PTT Pcl will look at buying domestic assets put up for sale by major oil and gas firms hit by declines in global commodity prices, Chief Executive Officer Tevin Vongvanich said on Friday.

State-controlled PTT (Stuttgart: 1306682.SG - news) will follow the government policy on buying domestic oil and gas assets to secure the country's long term energy supply but will avoid building a monopoly in the sector, Tevin told reporters after a board meeting.

Earlier on Friday, energy minister Anantaporn Kanjanarat said PTT group should consider buying stakes in Arthit gas field from Chevron Corp and Bongkot offshore field from Royal Dutch Shell.

Chevron (Euronext: CHTEX.NX - news) 's Thai unit owns 16 percent of Arthit field, while PTT unit, PTT Exploration (Other OTC: PXEUF - news) and Production Pcl has an 80 percent stake.

Chevron's Thai business has said it planned to lay off 800 staff this year in Thailand as it looks to cut $500 million in costs.

The U.S (Other OTC: UBGXF - news) . oil and gas major also put its Myanmar gas block stakes worth an estimated $1.3 billion up for sale, banking sources familiar with the matter said.

PTTEP has said it was keen to buy the 22.2 percent stake in Bongkot field and another gas field in Myanmar.

PTT, which put its investments in coal under review after a sharp decline in prices, is planning on keeping its coal business in Indonesia on expectation that cost cuts will help boost operations and compete with rivals, Tevin said.

But PTT could sell the coal operations, which have annual output of 8 million tonnes, if the company received a good offer from any buyer, Tevin said. (Reporting by Khettiya Jittapong; Editing by Keith Weir)