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  1. #1
    Mid
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    PTTEP posts 33 per cent increase in Q1 revenue

    PTTEP posts 33 per cent increase in Q1 revenue
    Filed from Singapore 4/28/2008 11:20:41 AM GMT




    THAILAND: Thai state-owned PTTEP posted a 33 per cent increase in first quarter revenues to THB28.4 billion (US$895 million), up from US$21.3 billion (US$671 million) during the same period last year. Earnings rose to THB 8.9 billion (US$281 million), up from THB 6.8 billion (US$214 million) a year ago.

    PTTEP sold 182,431 BOE/d during the first three months, up from 179,767 BOE/d a year ago, but lower than the target 223,334 BOE/d due to the delay in production at Arthit gas project. The Arthit gas project began production in late March at 80 MMcf/d, close to a month later than the planned start-up. The project is now expected to step up to 330 MMcf/d. PTTEP also started production at G4/43 project in January. Production at G4/43 averaged 5,900 b/d during March. The Thai operator expects to bring the Arthit North project on stream in August 2008 after completing the installation of the first wellhead platform in the area.

    During the first quarter, PTTEP found oil and gas in 7 out of 11 wells, including one exploration and two appraisal wells drilled in Block M9 off Myanmar and two wells drilled in Vietnam B & 48/95 and Vietnam 52/97 projects.

    energycurrent.com

  2. #2
    Hansum Man! panama hat's Avatar
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    The income will go down well when helping the ordinary Thai.

  3. #3
    I am in Jail
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    Their earnings are up because they have been on a buying spree for the last 2 years, buying up growing public companies at 20% below their market value (and bribing top management in the process) so that their consolidated earnings got a boost, and here we are. Gotta love the magic of creative accounting,

  4. #4
    Mid
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    damn Butterfly , here I was looking forward to the rebate on the electric bill ....................

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