BANGKOK (Platts) -– Thailand's PTT Exploration & Production is eyeing investments in petroleum fields in Sudan and Iran, in a move to boost its production and balance its investment portfolio.

"We have been looking for opportunities to invest in oil fields in Sudan. The investment would be done together with our partners from China, both China National Petroleum Corp and China National Offshore Oil Corporation," Maroot Mrigadat, PTTEP's president told reporters Friday. The company is also in talks with Petronas to invest in Sudan, he said.

"We have conducted preliminary studies of many fields in Sudan, which have the potential for crude oil discovery," Maroot added.

According to Maroot, PTTEP is seeking new E&P projects in Asia, Africa and the Middle East, in a bid to increase its petroleum reserves and supply.

Apart from Sudan, the company is also interested in Iran, Libya, Egypt and Algeria. PTTEP last year won exploration rights for the Saveh Block in Iran. The company is currently conducting seismic studies on the block to determine its potential.

In addition, PTTEP is interested to acquire some stake in Iran's South Pars gas fields since its parent, state-backed PTT, is in talks to buy liquefied natural gas from the project. "We are also considering other fields.

The decision would likely be finalized within this year," Maroot said. PTTEP's major overseas projects are in Oman, Myanmar and Vietnam. Exploration works are currently being carried out in Blocks 9-2 and 16-1 in Vietnam and in Block M-7 and M-9 in Myanmar. The company is targeting to begin production at Block 44 in Oman in July this year.