PTTEP to invest up to crude-oil production
PTT Exploration and Production will spend Bt600 million to Bt700 million to expand crude-oil production from the Sirikit (S1) field to 30,000 barrels a day from 27,000 barrels currently.
Pairoj Rangponsumrit, senior vice president of PTTEP’s asset division for the S1 project, said yesterday that the Sirikit oilfield in Kamphaeng Phet province, the country’s largest onshore field, had 400 blocks that the company would have to proceed with exploration and drilling. The operating cost is expected to be Bt600 million to Bt700 million.
The increase in crude-oil production would also result in higher output of associated gas, up to 32 million to 37 million cubic feet a day.
The S1 project’s environment impact assessment has been with the Natural Resources and Environment Ministry for 18 months. After it is approved, the company will take 18 more months to start operating, Pairoj said.
PTTEP is in talks with the Electricity Generating Authority of Thailand and the company’s parent PTT to develop the associated gas from the Sirikit field as fuel for power plants or as natural gas for vehicles.
For the S1 project, PTTEP formed a joint venture for the first time in 1985. It now holds the entire operating rights after acquiring the stake in the project held by Thai Shell Exploration and Production in 2004.
PTTEP has gradually ramped up daily crude-oil production from 20,000 barrels back then |to 22,000-27,000 barrels currently.
