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.
WHAT DO YOU THINK?
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.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension