PTT Exploration & Production PC, Ltd (PTTEP)

PTT Exploration & Production PC, Ltd (PTTEP) - Asian Energy

BANGKOK, (Reuters) , Thailand's PTT Exploration and Production PCL PTTE.BK said on Tuesday its PTTEP Australasia Pty Ltd subsidiary had found natural gas in its AC/P33 well in the Timor Sea, north of Western Australia.PTTEP drilled the Oliver 2 exploration well to a total depth of 3,233 metres and encountered a natural gas bearing formation with a total net thickness of 81 metres, it said in a statement to the stock exchangeThe successful result of the Oliver 2 exploration well affirmed the potential for natural gas, in line with PTTEP's strategic objective of expanding its investment activities in Australia, it saidIn 

PTT Exploration & Production PC, Ltd (PTTEP) - Asian Energy

BANGKOK, (Reuters) , Thailand's PTT Exploration and Production PTTE.BK (PTTEP) said on Wednesday its PTTEP Australasia subsidiary had agreed to participate in a petroleum exploration venture off northwest Australia.The company told the stock exchange it had entered into a farm in agreement with Woodside Energy Limited and partners. The agreement would be fully effective upon receiving approval from the Australian governmentIts affiliate would acquire a 20 percent participation interest in WA 378 P, WA 396 P and WA 397 P located off northwest AustraliaThe partners planned to conduct exploration, including drilling of one exploration well in 2010, it saidPTTEP is a subsidiary of PTT PTTBK, Thailand's biggest energy firm 

PTT Exploration & Production PC, Ltd (PTTEP) - Vichitr Kuladejkhuna at DBS Vickers

Dec. 28 PTT Exploration & Production (PTTEP) saw its profits fall in the third quarter because of costs associated with an oil well leak in Australia.Third quarter profit fell 59 percent from a year earlier, partly because of the problems at the Montara well in the Timor Sea, where efforts continue two months after the leak beganThe company's net income dropped to 526 billion baht (159 baht a share) from 1298 billion (392 baht a share) a year earlier, it said in a statement yesterday Nine month net profit was 188 billion baht (571 baht a share), compared with 2855 billion (865 baht a share) in the same period last yearIts third quarter income was lower than expected, said Vichitr Kuladejkhuna, an analyst from DBS Vickers SecuritiesHe forecast earlier that the Australian incident would cost the company at most $50 million, but the company booked extra expenses of at least $100 million, resulting in pressure on its performanceMr 

PTT Exploration & Production PC, Ltd (PTTEP) - Asian Energy

PTT Plc, the country's biggest energy company, will raise its foreign investment to about half its budget in 2014, up from 20 30% now, as domestic resources are being depleted, said chief executive and president Prasert Bunsumpun.The group's five year investment plan to 2013 calls for spending of 900 billion baht, with 20 30% on overseas projects."We will put more weight on overseas projects for the next plan starting in 2014. About half of the total will go to expanding our assets and resources overseas," Mr Prasert said yesterday. 

PTT Exploration & Production PC, Ltd (PTTEP) - Asian Energy

West Atlas rig on the Montara oil field, located around 690km near the city of Darwin, leaked millions of litres of oil, creating a slick as wide as 15,000sqkm.It ruptured on and PTTEP, the rig's operator, has not revealed why it occurred.But what is now in full view is the "sea of oil" and the long term impact scientists have compared to the Exxon Valdez disaster off the Alaskan coast in 1989, where ecological damage is still being felt 20 years later.Environmental groups say marine animals are swimming through the slick, while PTTEP reported in a statement last week of high rates mortality among sea birds.Marine life at riskThe environmental campaign group, World Wildlife Fund (WWF), conducted the first expedition to the area last month and Gilly Llewellyn, director of conservation, told Al Jazeera that more species were at risk."Hundreds, if not thousands, of dolphins, sea birds and sea snakes are being exposed to toxic oil," she said."The 

PTT Exploration & Production PC, Ltd (PTTEP) - Asian Energy

BANGKOK, (Reuters) , Thailand's PTT Exploration and Production PTTE.BK (PTTEP) said on Wednesday the start up of the Montara field in Australia might be delayed from the first quarter of 2010 to an unspecified date later in the year.Chief Executive Anon Sirisaengtaksin told an analysts' meeting the company's financial performance would be "good" in the fourth quarter even though it had to book more expenses related to Montara, faced with an oil spill problem since late August.Last week, Anon said operations at Montara might start in the second quarter of next year.A 

PTT Exploration & Production PC, Ltd (PTTEP) - Asian Energy

PTT Exploration & Production Pcl shares fell the most in five months after saying a burning oil rig may collapse in environmentally important waters off western Australia."The fire is out of control," Jose Martins, a director of the Thai driller's Australian unit, said today in Perth. The platform above the Montara field has leaked oil and gas from deep below the sea bed since August in the nation's third worst spill and forced the evacuation of 69 people on board the rig.The company's fourth attempt to stem the flow may have triggered the blaze yesterday, Martins said. 

PTT Exploration & Production PC, Ltd (PTTEP) - Asian Energy

Thailand's PTTEP has had to abandon its fourth attempt to plug a leak from a blown out well bore at the Montara development, off the remote Western Australian coast, asthe country's federal government faces claims it has "ignored" the environmental impact of the spill.The latest attempt was thwarted after the drilling assembly failed while being run in the relief well hole.PTTEP said it was retrieving the assembly and would then continue preparations to make a new pass to intercept the well casing early this week.Today, the opposition's spokesman for environment Greg Hunt said Canberra needs to bring in international experts to deal with the situation."It's been nine and a half weeks of complacency, nine and a half weeks of belching oil and nine and a half weeks of continued failure," he told the ABC.Hunt added the spill is a marine disaster of epic proportions and the federal government is "ignoring it"."It's an out of sight out of mind philosophy, if this spill were occurring off the coast of Sydney or Melbourne the federal government would be up in arms," he said.A 

PTT Exploration & Production PC, Ltd (PTTEP) - Asian Energy

02 :10PM : PTTEP Montara project will be delayed to the end of 1Q10Due to the oil blowout at the Montara (PTTEP held 100%) site, which was expected to take 50 days to plug, this project is now expected to be delayed further. The current problem has pushed the operation start up to 1Q10 (3 month delay with a loss of 35,000bbls/day). From our assumptions, we expect the project to be viable by the end of 1Q10, which will affect petroleum volume, revenue and fair value of the company for next year.The