Eric Watkins
Senior Correspondent
LOS ANGELES, Jan 10 -- Thailand's state-owned PTT Exploration & Production (PTTEP) plans to spend $5.8 billion over 5 years to expand drilling and exploration in Thailand as well as in Indonesia, Malaysia, Myanmar, and Vietnam, the company said.
PTTEP Pres. Maroot Mrigadat said the company aims to boost production from 179,000 boe/d in 2006 to 238,400 boe/d by the end of the decade.
Maroot said PTTEP would use part of the investment to further develop its natural gas field in a Malaysia-Thailand joint development area known as MTJDA in the Gulf of Thailand.
Maroot said the current plan for the MTJDA is to start up gas production in second-half 2008, with expected initial production of 270 MMcfd of gas.
PTTEP has two gas fields in Myanmar. It plans to expand three other projects currently under exploration. In Vietnam, it seeks two more projects in addition to existing exploration in two fields.
In Indonesia, PTTEP plans to increase its oil reserves with the Merangin project in South Sumatra (OGJ Online, July 21, 2005). PT Medco E&P Merangin, with 61%, is operator of the project, and PTTEP Offshore Ltd. holds the remaining 39%.
Contact Eric Watkins at [email protected].
