Sunday, June 22, 2008

Thai PTTEP says Arthit field output above forecast

Thu Jun 19, 2008 11:37pm EDT

BANGKOK, June 20 (Reuters) - Thailand's PTT Exploration and Production PCL PTTE.BK said on Friday its main Arthit natural gas field in the Gulf of Thailand was producing 370 million cubic feet per day, above a previous forecast of 330 million cfd.

The Arthit field, which started up in March, also produced 19,800 barrels per day of condensate, an ultra-light oil, above a forecast of 11,000 bpd, the company said in a statement.

PTTEP is operator of the field and owns an 80 percent stake. Chevron Corp.'s (CVX.N: Chevron Thailand Exploration and Production holds 16 percent and Moeco (Thailand), a Thai unit of Mitsui Oil Exploration Co , has the remaining 4 percent.

The Arthit field is a key earnings growth driver for PTTEP as its output should help the company to achieve its 2008 petroleum sales volume target of 223,000 barrels of oil equivalent per day, analysts said.

At 0324 GMT, PTTEP shares were up 1.18 percent at 171 baht, while the main Thai index .SETI was up 0.82 percent. (Reporting by Khettiya Jittapong; Editing by Darren Schuettler and Clarence Fernandez)

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