PTTEP plans $12 billion in outlays during 2009-13

Thailand's PTT Exploration & Production PLC (PTTEP) plans capital and expenditure outlays of as much as 418 billion baht ($12 billion) in the 5-year period to 2013.

By an OGJ correspondent
BANGKOK, Jan. 12 -- Thailand's PTT Exploration & Production PLC (PTTEP) plans capital and expenditure outlays of as much as 418 billion baht ($12 billion) in the 5-year period to 2013.

The expenditures cover 42 international projects in various stages of exploration, development, or production but excludes its most recent acquisition—the $170 million takeover of Australia's Coogee Resources Ltd. (OGJ Online, Dec. 30, 2008).

The state-controlled firm expects average sales of 234,878 boed in 2009; about 261,398 boed in 2010; some 261,264 boed in 2011; 284,045 boed in 2012, and 293,825 boed in 2013.

Capital expenditure for 2009 was set at 97.14 billion baht, covering key gas production projects such as Bongkot, Arthit, Malaysia-Thailand Joint Development Block 17 in the Gulf of Thailand, and the Yetagun gas joint venture in Myanmar's Gulf of Martaban.

PTTEP Chief Executive Anon Sirisaengtaksin has warned, however, that petroleum production will not be sustainable if crude oil prices fall below $60/bbl.

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