PTTEP to drill 9 fields, targeting 200m barrels

PTTEP to drill 9 fields, targeting 200m barrels

SET-listed oil and gas drilling firm PTT Exploration and Production Plc (PTTEP) plans to drill nine petroleum fields in 2019, expecting to discover 200 million barrels of petroleum resources.

Kanok Intharawijitr, executive vice-president for the geosciences and exploration group, said PTTEP will dig four fields in Myanmar, two fields in the offshore deep sea, two fields in Malaysia and one in Australia.

"We hope to succeed in two-thirds of the drilling projects, but there is a chance all the fields will fail," he said. "Each petroleum field has an average drilling cost of US$5 million, which PTTEP aims to keep at $1.5-2 million."

Mr Kanok said fluctuating global oil prices have affected company sales, but PTTEP is unconcerned about the higher prices, just wanting a stable level, which it projects to average $60 a barrel going forward.

PTTEP Energy Development Co, a subsidiary of the parent group, is one of two large companies vying in the final round of auctions for the Erawan and Bongkot gas fields, together with Chevron Thailand Holdings Ltd.

Both companies are the existing operators: US-based Chevron runs Erawan and PTTEP operates Bongkot. The two fields are in the Gulf of Thailand.

PTTEP reported revenue of $3.96 billion in the first nine months of 2018, up 22% from $3.25 billion year-on-year.

Net profit jumped to $851 million for the period, up from $305 million.

Phongsthorn Thavisin, chief executive of PTTEP, said the firm is accelerating its final investment decisions, focusing on merger and acquisition assets across Asia-Pacific.

"M&A opportunities can expand our investment in new businesses that can foster long-term and sustainable growth," he said.

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