Thailand's PTTEP Cuts 2013 Petroleum Sales Target

Reuters

BANGKOK, Aug 8 (Reuters) – PTT Exploration and Production Pcl (PTTEP), Thailand's top oil and gas explorer, expects 2013 petroleum sales of 302,000 barrels of oil equivalent per day (boepd), lower than its target, due to a delay in the start-up of the Montara oil field in Australia.

The new target represents growth of 9.5 percent from last year, compared with a previous projection of 12.3 percent.

The company's second-half sales are expected to be 6-7 percent higher than the 292,000 boepd in the first half after it started operations at the Montara field in June, Chief Financial Officer Penchan Charikasem told reporters on Thursday.

PTTEP expected 2014 petroleum sales volume to rise 10 percent from this year, Penchan said.

(Reporting by Pisit Changplayngam; Writing by Khettiya Jittapong; Editing by Alan Raybould)

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