Bangkok--Dec 29--PTT
PTT Exploration and Production Public Company Limited or PTTEP will spend 133,800 million baht from 2005 to 2009 under its five-year investment plan. The amount covers Capital Expenditure and Operating Expenditure for PTTEP and its subsidiaries which at present have a total of 24 projects in Southeast Asia and the Middle East.
PTTEP President Mr.Maroot Mrigadat (นายมารุต มฤคทัต) disclosed that the bulk of the investment will go to Arthit Development Project in the Gulf of Thailand for the construction of production platform, 6 wellhead platforms as well as the drilling of 20 development wells. MTJDA Project will be allocated expenditure for engineering design in 2005. PTTEP plans to spend 41% or 54,858 million baht of its investment in these two projects.
PTTEP is in the process of selecting qualified contractors for Arthit Project to build the necessary facilities in order that gas production can commence as planned in early 2007 at 330 million standard cubic feet per day (MMSCFD). MTJDA Project is also progressing well and Gas Sale Agreement (GSA) is expected in the first quarter of 2005 while production start-up is projected for 2008.
40% or 53,520 million baht of the budget will be used to sustain production of projects which are already under production stage. These projects include Bongkot, Pailin, Yadana, Yetagun and S1 Pailin, in particular, will require 44 more development wells and 3 wellhead platforms.
Outside Thailand, PTTEP is forging ahead with its exploration projects in Southeast Asia and the Middle East, and will spend 19% or 25,422 million baht of its investment on these projects. Mr.Maroot looks forward to finalizing the GSA for Shams Field in Oman 44 Project in the first quarter of 2005. PTTEP is also proceeding with M7 and M9 drilling program in Myanmar, Vietnam 9-2, Vietnam 16-1 Projects and Algeria 433a & 416b Project.
As to the year 2005, PTTEP plans to increase its petroleum sales from 134,000 barrels of oil equivalent per day (BOED) in 2004 to 143,000 BOED. In order to meet the target, PTTEP will drill 30 development wells at on shore Sirikit Oil Field or S1 Project in Kampaengphet Province with the aim to increase the production sale from 17,800 barrels per day (BPD) to 20,000 BPD. Adding to that amount is the expected production volume of 400 MMSCFD by Quarter 3 at Yetagun Project in the Gulf of Mataban in Myanmar, up from 300 MMSCFD in the same quarter of 2004, test production at the rate of 5,000 BPD from offshore Nang Nual Project (B6/27) in south Thailand will start in early 2005.
The planned expenditure is as shown in the chart.
unit :million baht
2005 2006 2007 2008 2009
Capital Expenditure 25,300 26,100 13,200 11,100 9,100
Operating Expenditure 11,200 8,700 8,900 10,200 10,000
36,500 34,800 22,100 21,300 19,100
For more information, please contact
Sidhichai Jayant/Tongchit Wattanametee
External Relations Department
Tel. +66 (02) 537 4000 End.