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Tuesday, 02 December, 2008, 22:10 GMT | more >>

PTTEP set to open Vietnamese taps



By Upstream staff 

Thailand’s PTT Exploration & Production (PTTEP) said its Vietnamese natural gas field will start operating in the third quarter at a capacity of 20,000 barrels of oil equivalent per day, reported local media.

The Block 9-2 is one of two concessions awarded to the Thai company by Vietnam three years ago, the second Block 16-1 is under exploration.

Despite the additional production from the new block, total output was projected at around 230,000 boed, as some projects would have lower volumes, the Bangkok Post quoted PTTEP’s chief executive, Anon Sirisaengtaksin, saying yesterday.

PTTEP has been aggressively seeking new overseas investments to secure Thailand’s energy supplies.

PTTEP will use a sum of 81,232 million baht (US$2,585 million) for exploration, development and production of petroleum in 38 projects this year. Of this, 62,265 million baht or 77% will be used for projects in Thailand and overlapping areas, 7,774 million baht or 9% will be invested in Myanmar, 6,003 million baht or 7% will be used in the Middle East and Africa, 4,425 million baht or 5% will be invested in Vietnam while 765 million baht will be invested in Indonesia, Cambodia, and New Zealand, the company said in its results in February.

Earlier this year the Thai giant agreed to swap stakes in oil and gas blocks in Burma with China National Offshore Oil Corporation (CNOOC).

To help fund expansion, PTTEP yesterday announced a plan to offer three-month bills of exchange to institutional investors and high net worth individuals. The first tranche has a 91-day term for two billion baht and would be arranged by Siam Commercial Bank.

Earlier this month, the company’s board approved the sale of up to 20 billion baht in bills of exchange, but the outfit expected to sell only six billion baht this year.

“This is the first time PTTEP has arranged a short-term financial instrument. In the future, we may consider pursuing other financial instruments,” said Anon.

In February, PTTEP said it set petroleum sales volumes target at 223,334 boed this year, an increase of 24% over that of last year. This is made possible by additional output from new projects including Arthit, Arthit North, Vietnam 9-2 and G4/43.

PTTEP’s proved petroleum reserves as of 31 December stood at 946 million barrels of oil equivalent.


Thursday, 24 April, 2008, 04:13 GMT  | last updated: Thursday, 24 April, 2008, 04:23 GMT

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