PTTEP Says Shortages Cause Start Up Delays at Arthit Field
PTTEP says the recent sustained rise in oil price has been the key contributor to largest increase in the number of major oil and gas construction projects worldwide. This immediate upturn in the oil and gas construction industry has created severe shortages in materials and equipment resulting in start-up delays of numerous major oil and gas construction projects worldwide.
PTTEP's Arthit Project construction is also being affected by these worldwide shortages. The company expects that gas delivery from Arthit Field might be delayed between 6 to 9 months from the original schedule of April 2007 under current conventional construction method.
PTTEP is very concerned about this delay and is developing alternate construction methods as well as sourcing worldwide for equipment and materials in order to improve the construction schedule, thus, minimizing any impact from any delay.
PTTEP owns an 80 percent stake in the field. Chevron Corp.'s Chevron Thailand Exploration and Production Ltd. holds 16 percent and Moeco (Thailand), a Thai unit of Mitsui Oil Exploration Co., has the remaining 4 percent.
- Oil, Gas Leaders Warn Trump He Risks Harming Their Industry (Mar 16)
- Chevron Backs 2018 Production Rise, Eyes Share Buybacks (Mar 06)
- Chevron Expects LNG Supply Shortage By 2025 (Mar 06)
Company: PTTEP more info
Operates 3 Offshore Rigs
- Ecuador to Offer Oil Blocks Under New Bidding Terms in Jan (Oct 06)
- ExxonMobil Says Will Drop Discussions Over Indonesia's East Natuna (Jul 18)
- Hydrocarbons Encountered at Te Giac Trang Field Offshore Vietnam (Dec 20)
Company: Mitsui more info
- Japan's Mitsui OSK Targets 26% Stake In Swan's Indian LNG Unit (Sep 18)
- As Rivals Circle, Japan Boosting Firepower To Buy Global Energy Assets (Sep 23)
- Gas Glut Upends Global Trade Flows As Buyers Find New Leverage (Aug 16)