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January 7, 2009

Thai energy firm to invest $12bn in 2009-2013

Thailand's PTT Exploration and Production Plc said on Tuesday it planned to invest 418 billion baht ($12 billion) during 2009 to 2013 and expected a 5.4 percent rise in petroleum sales volume this year, reported Reuters.

PTTEP, a unit of top energy firm PTT Plc, said it expected average petroleum sales of 234,878 barrels of oil equivalent per day (BOEPD) in 2009, when it planned to spend 97 billion baht on developing and exploring gas and oil projects.

The final sales figure for 2008 was not yet available, but the company has said it expected sales of about 223,000 BOEPD.

In its statement on Tuesday, PTTEP expected sales to rise to 261,398 BOEPD in 2010, falling to 261,264 in 2011 before rising to 284,045 in 2012 and 293,825 in 2013.

It gave no further details on the sales estimates.

PTTEP, the main subsidiary in PTT's exploration and production group, is involved in 42 oil and gas exploration and development projects in 14 countries in the Middle East, Africa and Asia.

The Thai firm is expected to complete its acquisition of Australia's Coogee Resources, an oil and gas exploration firm, by the end of January.

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