Thailand’s PTT Exploration and Production and Japan Oil, Gas and Metals
National Corporation, or Jogmec, are teaming up in research and technology
development to improve production efficiency at PTTEP’s oil and gas
exploration and production projects, PTTEP said in a statement Thursday.
The memorandum of understanding signed between the two companies is part
of the Thai producer’s plan to maintain production levels at existing
projects, as the country is faced with growing oil and gas consumption and
declining domestic reserves.
PTTEP has allocated 64% of its 2017 estimated capital expenditure of
$1.64 billion to accelerating existing exploration and production projects in
Thailand, and another 24% to projects in neighboring countries, especially
those in either the production or exploration stage in Myanmar.
“Our focus areas are in Thailand and Southeast Asia, especially in
Myanmar, areas where PTTEP has extensive experience and has low cost structure
and low risks,” a PTTEP source told S&P Global Platts in January.
Under the MOU, both companies aim to develop electromagnetic resources to
monitor the underground water movement in oil production.
The agreement was signed in Tokyo by Kanit Sangwongwanich, PTTEP’s
executive vice president for engineering and development group, and Makoto
Ichikawa, Jogmec’s executive director, oil and gas upstream technology unit.
–Abache Abreu, firstname.lastname@example.org
–Edited by Irene Tang, email@example.com