PTT Exploration & Production: 2012 Sales Likely 275,000 boepd

BANGKOK - PTT Exploration & Production PCL expects 2012 sales volume to reach 275,000 barrels of oil equivalent per day, a 3.8% on-year increase, the company's chief executive said Tuesday.

The latest sales volume estimate, however, is below the company's target of 284,000 boepd.

Production volume this year is projected at 300,000 boepd, up 10% from 2011, Chief Executive Tevin Vongvaich told reporters at a press briefing.

He also said that PTT Exploration plans to invest $1.3 billion in U.K.'s Cove Energy over the next five years through 2017.

In July, PTT outbid Royal Dutch Shell for Cove in a deal valued at $2.2 billion. Cove owns an 8.5% participating interest in the Rovuma Project in Mozambique, which has estimated gas reserves of up to 60 trillion cubic feet. It also owns a 10% stake in the Rovuma Onshore Area, also in Mozambique, as well as stakes ranging from 10% to 25% across seven Kenyan deep-water offshore blocks.

Mr. Tevin expects Rovuma could start producing 10 million metric tons a year of liquefied natural gas in 2018, a portion of which will be shipped to Thailand and Japan.

Separately, PTT Exploration's new share sale has been two times oversubscribed, Mr. Tevin said. The company recently sold 650 million shares, raising 92.3 billion baht ($3.01 billion) in Asia's largest rights issue this year, to finance its acquisition of Cove and future business expansion.


Copyright (c) 2012 Dow Jones & Company, Inc.


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