Bangkok--Mar 2--PTT
Mr.Surong Bulakul, Executive Vice President of International Trading — PTT Public Company Limited (PTT), revealed that PTT and Petronas Trading Corporation SDN BHD (PETCO) which is 100% owned by Petronas of Malaysia were recently signed the Joint Marketing Agreement of the Joint Developing Area (JDA)’s Block A-18. The objective of the joint cooperation is to bring about the highest utilization of Block A-18.
Under the agreement, PTT and PETCO will cooperate in a joint marketing program in Thailand and Malaysia as well as other markets abroad. Since early 2005, Malaysia-Thailand Joint Development Area (MTJA), Amerada Hess Ltd, and Petronas Carigali Sdn Bhd have been producing the condensate called “Cakerawala” from Block A-18. Present production capacity is about 3,000 to 5,000 barrels per day or about Bt3.2 billion per year. The production capacity is expected to reach 8,000 to 10,000 barrels per day by 2007.
Mr. Surong said the quality of condensate from JDA is accepted by local refineries and petrochemical plants. Amid rising demand of crude and condensate, seeking high quality supply of condensate from JDA can substitute foreign imports; therefore, it helps reduce trade deficit and boost the country’s competitive edge. PTT and PETCO have already started selling Cakerawala Condensate, and so far, more than 1 million barrels (or Bt2.2 billion) was successfully sold. Moreover, some condensates from Block A-18 have already being used as feed stocks in Thailand.
The JDA is the joint concession area under the agreement by Thailand and Malaysia. In 1999, PTT and Petronas have agreed that the natural gas from JDA will be utilized by both countries. The production capacity at JDA is running at 390 million cubic feet per day and expected to rise to 790 million cubic feet per day by 2007. End.