Feb 8, 2012

PTTEP nears deal on new Myanmar exploration

PTT Exploration and Production Plc (PTTEP) expects to sign an agreement with Myanmar this month to explore for oil and gas in the PSC-G and EP2 onshore petroleum blocks.

"Myanmar is our core market for exploration and production in Southeast Asia," said chief executive Anon Sirisaengtaksin.
The unit of PTT Plc, Thailand's largest energy conglomerate, was last month awarded licences for the two blocks, which cover a combined area of 13,000 square kilometres.

PTTEP is already developing the M9 gas block in the Gulf of Martaban, with production of 300 million cubic feet per day expected by the end of next year.

Of that amount, 80% will be exported to Thailand and the rest consumed domestically.
The company is also proceeding with a US$2-billion plan to develop a gas-production facility and a 300-kilometre gas pipeline in the Gulf of Martaban.

PTTEP is funding 80% of that venture and the state-owned Myanmar Oil and Gas Enterprise the rest.
Mr Anon said PTTEP is also drilling another pit in the gulf's M3 gas block offshore from Yangon to ensure output there is commercially viable.

If the drilling results are positive, then PTTEP will move ahead with commercial production plans, said Mr Anon.

M3 is PTTEP's fourth gas block in Myanmar, after Yadana, Yetakun and Zawtika.

The firm has already drilled two pits at M3.

The Yadana and Yetakun gas fields now export a combined 1.1 billion cfpd to Thailand, while Zawtika will start exporting next year.

In Thailand, PTTEP will begin commercial production from the Bongkot South gas block by midyear, pumping 320 million cfpd, said Mr Anon.

The company expects its first oil production in Australia by the third quarter, with output of 35,000 barrels per day.

Pailin Chuchottaworn, PTT's chief executive, said nearly half his group's capital expenditure from 2012-16 will be used for exploration and production and the rest on downstream business.

As of last month, PTT's capital expenditure for the five-year period was set at 358 billion baht _ 61% for the domestic market and 39% for international operations.

Of that amount, 51% will go towards ongoing projects, while the rest will be used for new investment excluding merger and acquisition costs.

PTT is eyeing upstream business opportunities in Asia Pacific, North America and West Africa and downstream opportunities in Southeast Asia.

PTTEP shares closed yesterday on the SET at 176.50 baht, up 50 satang, in trade worth 347 million baht. PTT shares closed at 341 baht, unchanged, in trade worth 1.02 billion baht.

Source: Bangkok Post

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