Thailand Expands Oil Exploration Overseas

[Jai Dee]

Thailand expands oil exploration overseas

BANGKOK, June 29 (TNA) - Thailand is expanding its petroleum exploration overseas, particularly in Oman, to boost the kingdom's energy security amid continued global oil price hikes.

The kingdom, through its major energy arm in Oman, PTTEP Oman Company Limited (PTTEP OM), a firm under the umbrella of PTT Exploration and Production Public Company Limited (PTTEP), on Wednesday signed an agreement with the Sultanate of Oman in which the latter allows the former to expand its offshore petroleum exploration over the next five years.

Under the agreement, signed by PTTEP's President Maroot Mrigadat, in his capacity as PTTEP OM's top executive, and Oman's Oil and Gas Minister Mohammed Bin Hamad Bin Saif Al Rumhy, PTTEP OM is granted a concession to continue exploring petroleum at the plot 58 in the Oman Sea with shared interests with Oman over the next five years.

The signing of the bilateral pact, the second of its kind with the Sultanate of Oman, was witnessed by Thai Energy Minister Viset Choopiban.

PTTEP OM will begin its petroleum exploration at the plot 58 next month with a total investment of around US$38 million, according to Mr. Maroot.

PTTEP, an affiliate of PTT Public Company Limited (PTT), Thailand's petroleum giant, has continued its petroleum exploration moves in Oman following its successful discovery of oil and other petroleum products at the plot 44, granted a similar concession by the government of Oman in 2002.

The company would begin to make use of oil and other petroleum products discovered at the plot 44 in July, Mr. Maroot revealed.

"According to an intial survey, the plot 58 also has potential to become one of our company's major petroleum sources and if more petroleum is discovered, it will also help boost Thailand's energy security amid global oil crisis currently," said the PTTEP president.

Source: TNA - 29 June 2006

[Yoshitaka]

There are so many mentioning in the international press:

http://news.google.com/news/search?aq=f&am...q=pttep+montara

But nothing in NationMultimedia

http://www.nationmultimedia.com/breakingnews

Is there a cover up.

If I mention it, would they send me to jail for causing the stock market to go down yesterday?

[choppychugger]

Havent checked their shair prices - can't be looking too good after the recent events in the Timor sea - WHAT A MESS ! just glad nobody was injured - the enviromental issues and the clean up is another matter.

choppy

[Yoshitaka]

http://www.set.or.th/set/historicaltrading...&country=US

PTTEP loss 5.5% yesterday partly due to the foreign media showing the buring rig clip available in the internet (I think from AP). BBC CNN and the usual big news agent have video clip on air as well.

I am surprise that Thai Channel 3 this morning, on Khun Sorrayuth (pardon my spelling, as I am not Thai) show the horrible burning rig clip as well. I hope the Thai government step in to band Channel 3 for showing the clip, which may cause another panic (like yesterday).

The stock continue to fall, dragging down the whole market, as PTTEP and PTT are the 2 biggest caps in the market.

[Garry]

The leakage had pumped up to 400 barrels of oil into the Timor Sea each day since Aug 21.

I just did the rough max math on the Montara well spill: 74 days X 400 = 29600 barrels / 424,300 US gallons. The rig being 200kms out from my home soil hopefully may help it break up. It can't be good for the environment and Australian waters if the slick creeps into coastal areas.

Edited November 3, 2009 by Garry

[fred2007]

The good news is the oil leak has been stopped now

http://www.news.com.au/story/0,27574,26300862-29277,00.html

[Thai at Heart]

http://www.set.or.th/set/historicaltrading...&country=US

PTTEP loss 5.5% yesterday partly due to the foreign media showing the buring rig clip available in the internet (I think from AP). BBC CNN and the usual big news agent have video clip on air as well.

I am surprise that Thai Channel 3 this morning, on Khun Sorrayuth (pardon my spelling, as I am not Thai) show the horrible burning rig clip as well. I hope the Thai government step in to band Channel 3 for showing the clip, which may cause another panic (like yesterday).

The stock continue to fall, dragging down the whole market, as PTTEP and PTT are the 2 biggest caps in the market.

Maybe Channel 3 execs will get done for endangering national security.