PTTEP expects the new government to push forward the bidding for Isan fields.

Bangkok 21 Aug- PTTEP expects the new government to accelerate the issuance of the announcement of petroleum exploration rights in the northeastern region, confident in April 2024, the Erawan field can produce 800 million cubic feet of gas. Day by day, move forward to create new business. Make future income 20-30% of the business portfolio.

Mr. Montri Lawanchaikul Chief Executive Officer of PTT Exploration and Production Public Company Limited or PTTEP said that when the new government has been established in the field of petroleum, it is expected that the government will accelerate the issuance of announcements for the exploration and production of petroleum on Land in the Northeast region because it has the potential to produce gas. and according to the present Department of Fuels The area of concession plots in the northeastern region has been set for 8 plots, which initially believed that neighboring plots source of sinphuhorm It has the potential to enable the production of gas to supply the Nam Phong Power Plant to Khon Kaen Province and continue to produce electricity. The investment in gas exploration and production will take approximately 5 years.

PTTEP currently invests in the Sinphuhorm field. to produce 90 million cubic feet of gas per day feed to Nam Phong's power plant EGAT produces about 600 megawatts of electricity by Sinphuhorm source. The concession will end in 2032.

“The northeastern region still has the potential to produce gas. Although there is renewable energy investment in the area But gas production in the country will create employment in the area. The state receives taxes and royalties. build stability The cost is not so high. investment in gas production and the promotion of renewable energy should go together to create an energy balance,” Mr. Montri said.

Mr. Montri confidently said that in April 2024, PTTEP will be able to increase gas production from the source. G1/61 or Erawan at the level of 800 million cubic feet per day for sure. And will continue to produce at this level for 10 years according to the conditions of the Production Sharing System Contract (PSC) from the present The production capacity is 400 million cubic feet per day.

At the same time, PTTEP has increased gas production from other sources to offset gas production from the G1/61 field, namely Arthit. Previously, there was gas purchase contracts at 280 million cubic feet per day, but now production is at 340 million cubic feet per day. The G2/61 field (Bongkot) has gas purchase contracts this year at 825 million cubic feet per day. This is considered to be higher than the PSC contract condition. not less than 700 million cubic feet per day and currently producing up to 860 million cubic feet per day

In addition, PTTEP still maintains its petroleum sales target for this year at 470,000 barrels of oil equivalent per day, which is challenging, but naturally Q4 will be a high production period. By other sources in the Gulf of Thailand, it has already accelerated. The rest has to be accelerated by foreign projects such as the Oman Block 61 project and the Algeria Hassi Bir Rakesh project with an average crude oil production rate of 13,000 barrels per day. and is in the process of adding production capacity to an average rate of 17,000 barrels per day in the fourth quarter of this year

As for the progress of other investment projects In the Middle East, such as Oman Block 61, there is an opportunity to increase production. It is currently under negotiation with the government sector. to increase production capacity from 1,500 million cubic feet to 1,800 million cubic feet per day The PDO Project (Block 6) in which PTTEP acquired a 2% stake in Partex is the largest onshore concession block with the highest petroleum potential in Oman. The average crude oil production is approximately 660,000 barrels per day. It has a goal to increase to 800,000 barrels per day in the future.

Mozambique Area One Project, Mozambique It is estimated that it will be able to return to operations in the area at the end of this year or early next year and still aims to deliver the first LNG by 2027, which currently has contracts for LNG at 13 million tons.

For projects in the United Arab Emirates (UAE), for the Abu Dhabi Offshore 2 project, Eni's partner has prepared plans to develop areas where gas and oil are found. It is currently under consideration by the government agency. If approved, it will accelerate gas development first.

As for the growth in new businesses, it goes according to plan. The goal is to have income from new business and Beyond E&P business in the proportion of 20-30% of the business portfolio. by robot technology and artificial intelligence business Under the investment of a subsidiary company, AI and Robotics Ventures (ARV), which is about to turn 5 years old, has invested approximately 250 million baht in business expansion. some But the performance is still negative. In the future, there are plans to spin-off. To push ARV to raise funds through international stock markets such as Singapore, etc.

As for the progress in Beyond E&P business, PTTEP operates under Futuretech Energy Ventures Company Limited. Located in Lan Krabue District, Kamphaeng Phet Province, with an area of approximately 110 rai and a capacity of approximately 9.98 megawatts, the objective is to help reduce carbon dioxide emissions by generating electricity from renewable energy for use in the S1 project. This project has started distributing electricity since June 29, 2023.

Recently, PTTEP and 5 leading global partners have won the concession for the development of a large-scale green hydrogen production project. In the concession block Z1-02, the Sultanate of Oman, the concession period is 47 years, covering the complete hydrogen production process. since the development of solar and wind power plants Production capacity is 5 gigawatts, aiming to produce green hydrogen in 2030 at 220,000 tons per year and ammonia production for export, expected to have a capacity of 1.2 million tons per year.-Thai News Agency

Source: Thai News Agency