PTTEP primes pumps for output booster
News wires
Thailand's PTT Exploration & Production (PTTEP) aims to double production
in five years on the back of rising output from its Burmese gas fields, with
company boss Anon Sirisaengtaksin adding the company is on the hunt for new
assets.
PTTEP wants to produce 400,000 barrels of oil equivalent per day by 2012,
double current levels and higher than its earlier target for 252,000 boed in
five years, Anon told Reuters.
"We are seeking to invest in deep sea reserves and areas which have heavy oil
reserves to build on our base. We are mainly looking for opportunities in
Indochina," Anon said.
It has forecast 2008 sales of about 223,000 boed.
PTTEP has invested in 40 oil and gas exploration and development projects in
14 countries in the Middle East, Africa and Asia.
Its gas blocks in Burma, including its wholly-owned offshore Block M9, are
expected to start production in the second half of 2012, with initial
production of 330 million cubic feet per day.
The company would sell all natural gas produced from Block M9 to its parent
company PTT and expected to sign a sales contract this year, he said.
07 May 2008 08:19 GMT
| last updated:
07 May 2008 08:19 GMT
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