PTTEP expands international portfolio
PTT Exploration and Production Public Co. Ltd. is expanding its international portfolio.
BANGKOK, Thailand -- PTT Exploration and Production Public Co. Ltd. is expanding its international portfolio. The company has added New Zealand projects to its international program, making New Zealand the 11th country in which PTTEP has invested.
PTTEP and its partners won six exploration blocks on July 11, 2007. Blocks 5, 6, 11, 12, 13, and 14 are in New Zealand's offshore Great South basin.
OMV New Zealand Ltd., Austria's national oil and gas company, operates the blocks with 36% interest. Partners include PTTEP Offshore Investment Co. Ltd., with 36% interest, and Mitsui E&P Australia, with 28% interest.
In the first three years, PTTEP and its partners plan to gather seismic data to better understand the potential of these blocks.
With the addition of New Zealand, PTTEP has 36 exploration and production projects in 11 countries. The company has 15 domestic projects and 21 projects spanning Malaysia, Myanmar, Vietnam, Indonesia, Cambodia, Oman, Iran, Algeria, Egypt, and New Zealand.
Meanwhile, the company has reported that appraisal wells on the M9 project in the Gulf of Martaban have encountered high flow rates, implying good potential for commercially viable production. More exploration wells will be drilled this year to affirm the results.
The Arthit project in the Gulf of Thailand is also progressing well, the company says. Six wellhead platforms have been completed, along with five gas pipelines, one condensate pipeline, the jackets for the central processing platform, the living quarters platform, and the flare tripod. In addition, PTTEP has drilled 78 development wells.
Production startup is expected in Feb. 2008.