Exploration activities are set to push ahead in hope of finding oil
Thai-listed firm PTT Exploration and Production Pcl has come up empty-handed in Cambodia after drilling two exploration wells in offshore locations and is looking to scale up its exploration efforts, according to a company representative.
Andrew Bromley, exploration manager for PTTEP in Cambodia, wrote in an e-mail on Wednesday that the company would continue to explore the 6,551-square-km area known as Block B and said he remained confident that it was rich in natural resources.
PTTEP has so far drilled two exploratory wells–one in 2008 and the other in April this year.
“Unfortunately both of these wells proved commercially unsuccessful,” Mr Bromley wrote. “However, we still firmly believe in the hydrocarbon potential of Cambodia Block B and are working hard and with great anticipation towards our next exploration well.”
PTTEP has already completed a 650-square-kilometer seismic survey. Mr Bromley also said that Block B “presents its own set of unique geological challenges in the search for oil and gas.”
On Tuesday, CPHL Co, a partner of Singapore-listed Mirach Energy Ltd, announced that it planned to step up exploration in Block D with hopes to extract oil by the end of 2012. The company will use the services of London-listed Offshore Hydrocarbon Mapping Plc, which uses electromagnetic data to locate natural resource wealth below the seabed more easily.
Mr Bromley said that PTTEP would also consider using the company’s services to heighten the likelihood of discovering oil in Block B.
“PTTEP on behalf of its partners are currently evaluating whether such a survey would be beneficial in the hunt for reservoired hydrocarbon reserves in Block B,” Mr Bromley wrote.
On Wednesday, PTTEP announced financial results for the first three quarters. The company recorded net profits of 10.532 billion baht, or $351.301 million, an increase of 100.27 percent compared to the same three quarters in 2009.
PTTEP shares Block B with the Thai company Resourceful Petroleum Ltd and the Singapore-listed Singapore Petroleum Co, which is 45 percent owned by PetroChina Co Ltd.