PTTEP Operation Results for 2007 and Operation Plan for 2008

PTT Exploration and Production Public Company Limited or PTTEP made a profit of 28,455 million baht in 2007. It sets sales target for 2008 at 24% more than last year, and allocated more than 80,000 million baht for investment in 38 exploration and production projects in Thailand and foreign countries. PTTEP made a Profit of 28,455 million baht in 2007 Mr Maroot Mrigadat (นายมารุต มฤคทัต), President of PTT Exploration and Production Public Company Limited or PTTEP said that unaudited operation results showed that the company and its subsidiaries had a net profit of 28,455 million baht, an increase of 408 million baht from 28,047 million baht registered last year. Net income was 96,733 million baht, up from 91,723 million baht a year earlier, representing an increase of 5,050 million baht or 6%. Attributing to the increase was the product price which rose to US$ 39.78 per barrel of oil equivalent (BOE) from US$36.52 BOE a year earlier, coupled with the sales volume which went up to 179,767 BOED from 169,348 BOED in 2006. The increase came mostly from the petroleum products from Oman 44 Project, Sin Phu Horm Project in Northeastern Thailand, S1, Pailin and Yadana Projects. Arthit Project sets to start production in February Arthit Project has completed the installation of the central processing platform, living quarter, wellhead platforms and the main production facilities. It is now in the process of testing the systems and making preparations for the production of natural gas which is expected to start in February 2008. The initial production volume is set at 330 million standard cubic feet of gas per day (mmscfd), enough to serve about 10% of domestic demands. PTTEP has invested about US$1,000 million in Arthit Project. It is now one of the three big natural gas projects in the south of the Gulf of Thailand. The other two projects are Bongkot which produces 630 mmscfd and the MTJDA-B17 Project which will start production in 2009 at 270 mmscfd. It is expected that by 2012, the three projects will have a combined production rate of 1,500 mmscfd. Arthit Project covers an area of 3,682 square kilometers in the Navamindra Petroleum Area in the Gulf of Thailand, approximately 230 kilometres away from the shores of Songkhla Province. The partners are PTTEP, the operator, with 80% interest, Chevrom E&P with 16% interest, and MOECO Thailand with 4% interest. PTTEP prepares more than 80,000 million baht for investment in 2008 and sets sales volumes target at 24% more than last year PTTEP will use a sum of 81,232 million baht for exploration, development and production of petroleum in 38 projects this year. Of this, 62,265 million baht or 77% will be used for projects in Thailand and overlapping areas, 7,774 million baht or 9% will be invested in Myanmar, 6,003 million baht or 7% will be used in the Middle East and Africa, 4,425 million baht or 5% will be invested in Vietnam while 765 million baht will be invested in Indonesia, Cambodia, and New Zealand. In 2008, PTTEP sets petroleum sales volumes target at 223,334 barrel of oil equivalent per day (BOED), an increase of 24% over that of 2007. This is made possible by additional output from new projects including Arthit, Arthit North, Vietnam 9-2 and G4/43. Proved petroleum reserve rose to 946 million barrel of oil equivalent. PTTEP’s Petroleum Proved reserves as of December 31, 2007 stood at 946 million barrels of oil equivalent. The increase of 23 million barrels of oil equivalent from a year ago came from the addition of Algeria 433a&416b and MTJDA-B17 Projects. The proved reserves consist of 196 million barrels of crude oil & condensate and 4,844 billion standard cubic feet of natural gas. For more information, please contact Sidhichai Jayant Tel. +66 (02) 537 4592 E-mail: [email protected] Tongchit Pongorapin Tel. +66 (02) 537 4587 E-mail: [email protected] Fax +66 (02) 537 4982

• ข่าวPTT Exploration and Production
• ข่าวมารุต มฤคทัต
• ข่าวPTTEP
• ข่าวo:eco
• ข่าวo:ene