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PTTEP aims to double oil, gas output in 5 years


May 8, 2008

PTTEP aims to double oil, gas output in 5 years

Thailand's PTT Exploration and Production aims to double production in five years due to rising capacity from Myanmar gas fields and is seeking new gas and oil assets, Reuters quoted an executive as saying Wednesday.

PTTEP wants to produce 400,000 barrels of oil equivalent per day (BOEPD) by 2012, double current levels and higher than its earlier target for 252,000 BOEPD in five years, Chief Executive Anon Sirisaengtaksin told reporters.

"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 of neighbouring coutries including Cambodia and Laos. It has forecast 2008 sales of about 223,000 BOEPD.

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 Myanmar, 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 firm PTT PTT.BK, Thailand's biggest oil and energy firm, and expected to sign a sales contract this year, he said.

Its five-year spending would be higher than a planned 287 billion baht after adding investment in Block M9, Anon said. PTTEP has said it planned to spend $1 billion on the block.

Petroleum sales for the second quarter would rise to 220,000 BOEPD as its 80 percent owned Arthit field in the Gulf of Thailand was on track to run at full capacity, Anon said.

PTTEP's average prices for crude oil, natural gas and condensate was $39.78 a barrel last year, but is expected to rise this year as world energy prices surge, he said.

Crude oil prices hit a record high of $122.31 on Tuesday, bringing their gains to 27 percent so far this year.

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