Reference is made to Arthit Project in which PTT Exploration and Production Public Company Limited (PTTEP) is the Operator with 80% participation interest. The other joint venture partners are Chevron Thailand Exploration and Production, Ltd. (Chevron) and Mitsui Oil Exploration Co., Ltd. (MOECO) with 16% and 4% participation interests respectively. The Arthit field has delivered natural gas to PTT Public Company Limited since March 26, 2008.
PTTEP announced that the Arthit Project currently produces natural gas at 370 million standard cubic feet per day (MMSCFD) and condensate at approximately 19,800 barrel per day (BPD), rates which are higher than our expectation of 330 MMSCFD and 11,000 BPD respectively. PTTEP considers this a success in attempting to supply energy for the increasing domestic demand.