PTTEP predicting gas sales to exceed its 2010 forecast

Thailand’s national upstream company PTTEP expects gas sales to exceed its 2010 forecast due to increasing domestic demand and the start-up of a sixth gas separ­ation plant in the country, writes Amanda ­Battersby.

PTTEP forecasts gas sales this year will be as much as 5% higher than earlier predicted and at the same time is speeding up development at its South Bongkot project, which is expected to start flowing in early 2011.

Under the company’s $50 billion, 10-year investment plan, ­PTTEP aims to more than treble its natural gas output to 900,000 barrels of oil equivalent per day, PTTEP’s executive vice president for strategy and business development Asdakorn Limpiti told the Bangkok Post. “We have seen demand growing substantially in the third quarter in line with the improving economy, prompting us to believe that third-quarter results will beat those of the same period of 2009,” said Asdakorn.

“Assuming the sixth gas plant starts up in the fourth quarter, we will be able to grow higher in terms of both the sales volume and the turnover when compared with the same period of last year,” he added

PTTEP originally projected its 2010 gas sales to reach 254,000 boepd, up from 234,000 boepd last year.

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