Thailand: PTTEP Keen to Tap Shale Gas

PTT Exploration and Production Plc (PTTEP), Thailand's sole publicly traded petroleum explorer, is looking to invest in North America's shale gas through a joint investment with strategic partners, Bangkok Post reports.

The plan is part of PTTEP's goal to have total petroleum output of 900,000 barrels of oil equivalent per day in 2020. To achieve that target, the company needs to find another 300,000 BOED as its existing petroleum projects will produce 600,000 BOED by that year.

Tevin Vongvanich, the president and chief executive, on May 9 said the company might either join hands with strategic partners or acquire assets related to shale gas resources.

"Shale gas in North America has been produced for a couple of years, and we plan to develop liquefied natural gas from there to serve the Thai market," said Mr Tevin.

PTTEP has a petroleum project in Canada's oil sands through a joint venture with Norway's Statoil, producing 10 billion barrels per day, to be increased to 18.8 billion bpd. Its Montara field in Australia is slated to start producing gas this month at 10 billion bpd before rising to 25 billion bpd by year-end.

To prepare for a variety of oil and gas resources, PTTEP signed a memorandum of understanding with the Science and Technology Ministry on May 9 to cooperate on research and development for exploration and production.

Science and Technology Minister Woravat Au-apinyakul said the ministry will exchange information and human resources with PTTEP.

Thailand's energy demand has risen sharply each year, and it needs to secure resources by using technology, he said.

Mr Tevin said PTTEP uses various technologies to control exploration and production costs.

Meanwhile, Energy Minister Pongsak Raktapongpaisal said PTT will review its investment strategies by working with the think-tank National Economic and Social Development Board (NESDB).

First on the agenda is to establish a gas pipeline services firm and allow third-party access to gas distribution services in Thailand.

Mr Pongsak instructed the NESDB and PTT to collaborate on reviewing business strategies a month ago.

Copyright 2013 Thai News Service All Rights Reserved

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PTTEP Aims to Operate Montara Field at 100% of Capacity by June

PTT Exploration and Production (PTTEP) confirmed Tuesday that it is aiming to start operations in the Montara field offshore Western Australia by end-March this year, with a ramp-up of production to 100 percent of capacity expected by end-June.

"Oil production from the Montara field will be in the range of 20,000 barrels of oil per day (bopd) to 23,000 bopd this year," a spokesperson from PTTEP told Rigzone.

The Montara Development Project (MDP) started with the drilling of production wells in March 2008. The installation of the well head platform jacket and topsides was being completed in August 2009. On Aug. 21, 2009, while drilling completion activities were underway, there was an uncontrolled release of gas, oil, condensate and water vapour from the H1 well.

A relief well successfully intersected the H1 well and briefly stopped the well release before the well fluids caught fire Nov. 1, 2009. The well release was stopped and the fire extinguished Nov. 3, 2009.

PTTEP started on replacement works on the project during end-2011 and early-2012. Three production wells and one gas injection well sited in the Montara field were also tied back and completed during the same period. Field development has since been continuing and has included the arrival on site of the Montara Venture floating production storage and offloading facility.

PTTEP noted Feb.1 that it is targeting a sales volume of 310,000 barrels of oil equivalent (boe) for this year, with the bulk of its increased oil sales to be derived from the start of commercial operations at the Montara field. PTTEP's sales volume for 2012 was at 275,923 barrels of oil equivalent. The spokesperson disclosed that PTTEP has already inked sales contracts based on its projected 2013 production from the Montara field.

The MDP, at its maximum level, can produce 35,000 bopd.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

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PTTEP Aims to Operate Montara Field at 100% of Capacity by June

PTT Exploration and Production (PTTEP) confirmed Tuesday that it is aiming to start operations in the Montara field offshore Western Australia by end-March this year, with a ramp-up of production to 100 percent of capacity expected by end-June.

"Oil production from the Montara field will be in the range of 20,000 barrels of oil per day (bopd) to 23,000 bopd this year," a spokesperson from PTTEP told Rigzone.

The Montara Development Project (MDP) started with the drilling of production wells in March 2008. The installation of the well head platform jacket and topsides was being completed in August 2009. On Aug. 21, 2009, while drilling completion activities were underway, there was an uncontrolled release of gas, oil, condensate and water vapour from the H1 well.

A relief well successfully intersected the H1 well and briefly stopped the well release before the well fluids caught fire Nov. 1, 2009. The well release was stopped and the fire extinguished Nov. 3, 2009.

PTTEP started on replacement works on the project during end-2011 and early-2012. Three production wells and one gas injection well sited in the Montara field were also tied back and completed during the same period. Field development has since been continuing and has included the arrival on site of the Montara Venture floating production storage and offloading facility.

PTTEP noted Feb.1 that it is targeting a sales volume of 310,000 barrels of oil equivalent (boe) for this year, with the bulk of its increased oil sales to be derived from the start of commercial operations at the Montara field. PTTEP's sales volume for 2012 was at 275,923 barrels of oil equivalent. The spokesperson disclosed that PTTEP has already inked sales contracts based on its projected 2013 production from the Montara field.

The MDP, at its maximum level, can produce 35,000 bopd.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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PTTEP Aims to Operate Montara Field at 100% of Capacity by June

PTT Exploration and Production (PTTEP) confirmed Tuesday that it is aiming to start operations in the Montara field offshore Western Australia by end-March this year, with a ramp-up of production to 100 percent of capacity expected by end-June.

"Oil production from the Montara field will be in the range of 20,000 barrels of oil per day (bopd) to 23,000 bopd this year," a spokesperson from PTTEP told Rigzone.

The Montara Development Project (MDP) started with the drilling of production wells in March 2008. The installation of the well head platform jacket and topsides was being completed in August 2009. On Aug. 21, 2009, while drilling completion activities were underway, there was an uncontrolled release of gas, oil, condensate and water vapour from the H1 well.

A relief well successfully intersected the H1 well and briefly stopped the well release before the well fluids caught fire Nov. 1, 2009. The well release was stopped and the fire extinguished Nov. 3, 2009.

PTTEP started on replacement works on the project during end-2011 and early-2012. Three production wells and one gas injection well sited in the Montara field were also tied back and completed during the same period. Field development has since been continuing and has included the arrival on site of the Montara Venture floating production storage and offloading facility.

PTTEP noted Feb.1 that it is targeting a sales volume of 310,000 barrels of oil equivalent (boe) for this year, with the bulk of its increased oil sales to be derived from the start of commercial operations at the Montara field. PTTEP's sales volume for 2012 was at 275,923 barrels of oil equivalent. The spokesperson disclosed that PTTEP has already inked sales contracts based on its projected 2013 production from the Montara field.

The MDP, at its maximum level, can produce 35,000 bopd.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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PTTEP Posts Strong Increase in Net Profit, O&G Production Volume

PTT Exploration and Production (PTTEP) said late Thursday net profit for the full year 2012 surged 28 percent, on increased oil production and higher crude prices.

Net profit for 2012 was $1.9 billion, compared with $1.5 billion a year ago. Revenue rose 26 percent to $7 billion, as compared to $5.7 billion in 2011.

"Sales volume went up 275, 923 barrels of oil equivalent per day (boed) compared with 265,047 boed in 2011. Contributing to the increased sales were petroleum products from Bongkot South field, the Vietnam 16-1 project and the S1 project," PTTEP's CEO Tevin Vongvanich said in a statement Friday.

Vongvanich,also noted that PTTEP's average sale price of a barrel of oil (boe) for 2012 is $64.86, as compared to $55.49 boe in 2011.

PTTEP disclosed that one of the key progresses for 2012 was the S1 project's ability to increase the production to the highest rate at 35,176 barrels per day (bpd). The Bongkot project's production rate was around 596 million standard cubic feet per day (mmscfd), while the production of Bongkot South was 320 mmscfd.

This year, PTTEP is targeting a sales volume of 310,000 boe. Vongvanich revealed Jan.24 that the bulk of its increased oil sales will be derived from the start of commercial operations at its Montara oil field offshore Australia.

The Montara incident which occurred Aug. 21, 2009, saw 29,600 barrels of crude oil leak into the water over a 74-day period, after a jackup burst into flames. The well was subsequently killed Nov. 3, 2009. PTTEP is aiming to restart operations.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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PTTEP Posts Strong Increase in Net Profit, O&G Production Volume

PTT Exploration and Production (PTTEP) said late Thursday net profit for the full year 2012 surged 28 percent, on increased oil production and higher crude prices.

Net profit for 2012 was $1.9 billion, compared with $1.5 billion a year ago. Revenue rose 26 percent to $7 billion, as compared to $5.7 billion in 2011.

"Sales volume went up 275, 923 barrels of oil equivalent per day (boed) compared with 265,047 boed in 2011. Contributing to the increased sales were petroleum products from Bongkot South field, the Vietnam 16-1 project and the S1 project," PTTEP's CEO Tevin Vongvanich said in a statement Friday.

Vongvanich,also noted that PTTEP's average sale price of a barrel of oil (boe) for 2012 is $64.86, as compared to $55.49 boe in 2011.

PTTEP disclosed that one of the key progresses for 2012 was the S1 project's ability to increase the production to the highest rate at 35,176 barrels per day (bpd). The Bongkot project's production rate was around 596 million standard cubic feet per day (mmscfd), while the production of Bongkot South was 320 mmscfd.

This year, PTTEP is targeting a sales volume of 310,000 boe. Vongvanich revealed Jan.24 that the bulk of its increased oil sales will be derived from the start of commercial operations at its Montara oil field offshore Australia.

The Montara incident which occurred Aug. 21, 2009, saw 29,600 barrels of crude oil leak into the water over a 74-day period, after a jackup burst into flames. The well was subsequently killed Nov. 3, 2009. PTTEP is aiming to restart operations.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

PTTEP Posts Strong Increase in Net Profit, O&G Production Volume

PTT Exploration and Production (PTTEP) said late Thursday net profit for the full year 2012 surged 28 percent, on increased oil production and higher crude prices.

Net profit for 2012 was $1.9 billion, compared with $1.5 billion a year ago. Revenue rose 26 percent to $7 billion, as compared to $5.7 billion in 2011.

"Sales volume went up 275, 923 barrels of oil equivalent per day (boed) compared with 265,047 boed in 2011. Contributing to the increased sales were petroleum products from Bongkot South field, the Vietnam 16-1 project and the S1 project," PTTEP's CEO Tevin Vongvanich said in a statement Friday.

Vongvanich,also noted that PTTEP's average sale price of a barrel of oil (boe) for 2012 is $64.86, as compared to $55.49 boe in 2011.

PTTEP disclosed that one of the key progresses for 2012 was the S1 project's ability to increase the production to the highest rate at 35,176 barrels per day (bpd). The Bongkot project's production rate was around 596 million standard cubic feet per day (mmscfd), while the production of Bongkot South was 320 mmscfd.

This year, PTTEP is targeting a sales volume of 310,000 boe. Vongvanich revealed Jan.24 that the bulk of its increased oil sales will be derived from the start of commercial operations at its Montara oil field offshore Australia.

The Montara incident which occurred Aug. 21, 2009, saw 29,600 barrels of crude oil leak into the water over a 74-day period, after a jackup burst into flames. The well was subsequently killed Nov. 3, 2009. PTTEP is aiming to restart operations.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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PTTEP Targets 2013 Sales Volume at 310,000 BOED

BANGKOK - Thailand's PTT Exploration & Production is targeting a sales volume of 310,000 barrels of oil equivalent a day in 2013, up from 280,000 boed sold last year, the company's chief executive said Thursday. 

An increase in sales this year would derive from the start of commercial operations at its Montara oil field offshore Australia in the first quarter, which was delayed from late last year, Tevin Vongvanich told reporters on the sidelines of an economic seminar. 

Located in the Timor Sea off northern Australia, Montara is the site of the worst oil spill in Australia's history. In August 2009, a drilling rig at Montara burst into flames and eventually spilled more than 20,000 barrels into the sea. 

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