Bangkok, PTTEP reveals investment this year of 230 billion baht, confident that sales will increase as planned to 505 billion barrels/day. Most of the investment is in the Gulf of Thailand, with the Erawan field producing 800 million cubic feet per day for sure, along with negotiations to expand the DCQ of the Arthit field to 340 million cubic feet per day.
Mr. Montree Lawanchaikul Chief Executive Officer of PTT Exploration and Production Public Company Limited or PTTEP revealed that this year’s investment budget is 230,194 million baht (equivalent to 6,721 million USD), with plans to increase natural gas production from the G 1/ project. 61 (Erawan, Plathong, Satun and Funan fields) to reach 800 million cubic feet per day as planned. in april Accelerating the installation of 12 more production platforms, including drilling 300 new production wells, which when combined with old wells will be nearly 1,000 wells, with an investment budget set for this field of 800-900 million USD per year. The investment also
maintains gas production capacity from the G 2/61 project (Bongkot field), Arthit project. and the Thai-Malaysia Joint Development Area Project
In addition, Block G2/61 currently has gas production of 840 million cubic feet per day. This is higher than the amount of gas that the seller must deliver according to the contract to the buyer each day (DCQ) of 700 million cubic feet per day. By the beginning of April, plot G2/61 will reduce production volume to 750 million cubic feet per day This is a higher production level than the contract. As for the source of the sun This year, production was still maintained at the level. 340 million cubic feet per day higher than DCQ contract At 280 million cubic feet per day, PTTEP is currently in negotiations with PTT as a gas buyer and the Ministry of Energy to request an increase in DCQ to the level. 340 cubic feet per day so that the country can get more natural gas. It is expected that a conclusion will be reached within this year.
‘PTTEP is confident that this year’
s sales will grow according to the target of 505,000 barrels of oil equivalent per day. or an increase of 9% from last year’s production of 462,007 barrels of oil equivalent per day, mainly from the increase in gas production volume from the G1/61 (Erawan) project that will gradually increase as planned. From the current February production of 450 million cubic feet per day to 550 million cubic feet per day in early March. It will then increase to 800 million cubic feet per day. From the end of March 2024 onwards and it is expected that income will grow from the previous year. It comes from the increased production volume,’ Mr. Montree said.
PTTEP moves forward with its petroleum exploration plan in Thailand and abroad. Supports future energy use The selling price is expected to average 45 USD per barrel. Slightly decreased from last year’s average of 48.2 USD per barrel. according to the world market price direction It is expected that the price of Dubai crude oil this year will be 70-75 USD per barrel. Com
pared to the previous year, 82 USD per barrel.
Source: Thai News Agency