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PTTEP pumps up giant leap in profit



By Upstream staff 

Thailand’s PTT Exploration & Production (PTTEP) reported a 32% jump in first quarter net profits of 8,905 million baht ($282 million) against the same period last year due to higher prices and greater volumes of petroleum sales.

For the January to March quarter, total revenue leapt 33% to 28,374 million baht compared to the same period last year as average sales volumes for the quarter hit 182,431 barrels of oil equivalent per day, higher than the average sales volume last year of 179,767 boed. However, the Thai giant said the average sales output for the first quarter was lower than the 2008 target of 223,334 boed set at the beginning of the year, due to the delay in Arthit production start up.

The increased sales volume mainly came from petroleum product sales at the Bongkot and Oman 44 projects, while in the later part of the quarter the Arthit development started delivering natural gas to PTT at 80 million cubic feet per day.

Meanwhile, the first quarter saw exploration cheer as petroleum was discovered in 7 out of eleven wells. There were successful discoveries in Myanmar’s Block M9, including one exploration and two appraisal wells. Myanmar’s Kakonna-3 appraisal well turned out to be a shining star as it encountered 10 zones of natural gas bearing formations with a total thickness of 123 metres. The flow rates signaled a combined rate of gas over two tested zones at 63.6 mmcfd and of condensate at 11.4 barrels per day.

In addition, the Vietnam B & 48/49 project’s exploration well NKL-3X was drilled and encountered natural gas bearing formations with a total thickness of 36 metres, while the Vietnam 52/97 project’s appraisal well CV-5X unveiled natural gas bearing formations with a total thickness of 45 metres.

However, there were write-offs of four dry wells, which came from two wells at the Vietnam B & 48/95 project and a pair of wells from Algeria 433a & 416b sites.


Friday, 25 April, 2008, 08:09 GMT  | last updated: Friday, 25 April, 2008, 08:18 GMT

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