BANGKOK -- PTT Exploration and Production Public Co. Ltd. (PTTEP) plans to invest $2.18 billion in petroleum exploration, development, and production in 34 projects this year. The company says 65% of the investment budget will go toward domestic projects, much of it offshore.

The Arthit project in the Gulf of Thailand will get $471 million to build and install the main production platform and four wellhead platforms, and to drill 37 development wells. PTTEP expects the field to produce 330 MMcf/d of oil by 1Q 2008.

PTTEP also is investing in the Bongkot field, spending $176 million to drill 16 development wells. Bongkot is expected to produce 595 MMcf/d of sales gas.

A further $170 million will go to the nearby B8/32&9A field. The field will get six wellhead platforms and will see 84 development wells and four exploration wells. The Pailin project will receive $105 million for four wellhead platforms and 39 development wells.

PTTEP aims to invest $266 million for its share of developing the B-17 project in the Thai-Malaysia Joint Development Area, which is in partnership with Malaysia's Petronas. There are plans to drill three exploration wells and four appraisal wells this year. The area is initially set to produce 270 MMcf/d of gas from the second half of 2009, ramping up production to 470 MMcf/d.

PTTEP also plans to spend $139 million in Myanmar, $117 million in Vietnam, and $100 million in Algeria.

2/6/2007