abce certificate
Monday, 01 December, 2008, 23:50 GMT | more >>

PTTEP on target for Arthit startup



By Upstream staff 

Thailand's PTT Exploration & Production (PTTEP) said today it was on track to start producing gas from its Arthit field in the Gulf of Thailand later this month.

Output would gradually rise to 330 million cubic feet per day within a month of the start of production, PTTEP president Maroot Mrigadat told reporters.

"Arthit field will run at full capacity within one month," said Maroot, whose company owns an 80% stake in the field.

US supermajor Chevron holds 16%, and Moeco, a Thai unit of Japan’s Mitsui Oil Exploration Company, has the remaining 4%.

PPTEP maintained its earlier forecast of 2008 average petroleum sales volume of 223,334 barrels of oil equivalent per day, up 24% from a year earlier due to new output from several fields including the G3/43 field, Reuters reported Maroot said.

The Arthit North project, which is due to start later this year, is expected to produce 120 MMcfd.

In Vietnam, PTTEP's 25%-owned 9-2 block was expected to start production at 20,000 barrels per day when it comes on line sometime later this year, he said.

PTTEP has said it plans to invest 287 billion baht ($8.7 billion) between 2008 and 2012, mostly to develop new gas projects.

The company said it was considering selling up to 3 billion baht ($91.2 million) worth of bills of exchange in the second quarter of this year.

The bills would have 3 to 6 months maturity and the proceeds would be used for working capital, PTTEP vice president Chatchawal Eimsiri told reporters.

PTTEP has invested in 38 oil and gas exploration and development projects in the Middle East, Africa and Asia and is looking to buy new gas and oil assets at home and abroad to increase reserves and capacity.

PTTEP shares were up 2% at 148 baht at 0412 GMT and the main Thai index was up 1.16%.


Tuesday, 12 February, 2008, 05:34 GMT  | last updated: Tuesday, 12 February, 2008, 07:32 GMT

e-mail this article to a colleague


to email:  from:
comments: