PTTEP Finds Natural Gas at Oliver Field in Timor Sea

PTTEP has found a commercially viable amount of natural gas at its exploration well Oliver-2 in the Timor Sea. The well has good potential for production with the floating liquefied natural gas technique, popularly known as FLNG. The success added more confidence to the company which is planning to invest 15,600 million baht in Australia this year.

Mr. Anon Sirisaengtaksin, CEO and President of PTT Exploration and Production Public Company Limited or PTTEP said that the company drilled Oliver-2 exploration well to the last depth of 3,233 meters and found a reservoir with a net gas thickness of 81 meters. This is a promising progress and it is likely to lead to the development of the FLNG business in the future.

The company in October 2009 bought the rights for the Block AC/P33, also known as Oliver field. The Australian Government has approved the transaction.

Block AC/P33 or Oliver field is in the Timor Sea Northwest of Australia covering an area of 421 square kilometers. It is about 30 kilometers away from Jabiru and Challis fields and is close to Audacious and Tenacious fields as well as other fields.

In 2010, PTTEP will continue to develop the Montara field and drill 2 to 3 exploration and appraisal wells in other fields. It will also conduct preliminary engineering studies on FLNG.