PTT Exploration and Production Plc (PTTEP) on Tuesday announced the start of natural gas production at its Block H Rotan and Buluh fields off the coast of Sabah, Malaysia. PTTEP said the joint project with Malaysia’s Petronas will increase domestic energy supply and sales volume.
The project commenced production on February 6, targeting capacity of 270 million standard cubic feet per day, said Phongsthorn Thavisin, PTTEP CEO.
“The achievement of first gas from Block H will increase domestic LNG production capacity and strengthen PTTEP’s investment portfolio in Malaysia, he added.
The production sharing contract is operated by PTTEP Sabah Oil Ltd, which has a 56 per cent interest in the Rotan field and 42 per cent interest in the remaining area. The joint venture partners are Petronas and Indonesia’s PT Pertamina.
Lifestyle changes brought by Covid-19 mean Thai buyers are shifting from luxury condominiums to luxury city houses in search of better value, according to Nexus.
The property consultant says its “Luxury House Grand Sale” campaign is targeting people who love city-living but at lower prices than condos in the same area.
A luxury city house is defined as a house of 300-1,000 square metres, usually three storeys or more, on a compact plot, explained Nalinrat Chareonsuphong, managing director of Nexus Property Marketing. A luxury city house can be a town home, twin house or single house.
Supply of luxury houses in Bangkok has grown over the past five years, with 56 new projects and 796 units, valued at more than Bt40 billion, said Nexus.
Ninety per cent of Bangkok’s total supply is in the city centre, close to public transport. Locations with highest number of units are Ekkamai-Ramintra (26 per cent), Sathorn-Rama III (21 per cent) and Sukhumvit (20 per cent). Projects are now expanding to Ratchada-Lat Prao and Phaholyothin-Vibhavadi.
Prices run from Bt20 million to more than Bt100 million, though most new luxury houses go for Bt30 million-Bt50 million (42 per cent) and Bt20 million-Bt30 million (27 per cent). The price of these houses is about three times lower than condos, said Nexus. For example, in Sathorn, the average price per sqm of super-luxury condominium is Bt293,000 but only Bt78,000 for a luxury house. Those with a budget of Bt50 million could afford a 200-sqm Penthouse condominium or a house with over 700 sqm, said the property consultancy.
Nexus’s Luxury House Grand Sale features leading developers of over 20 projects, with properties priced from Bt22.9 million to Bt70 million and maximum discounts of Bt11 million. Special promotions including Euro Creations furniture from Italy are available until March 31.
Thailand Post Distribution (THPD) launched a campaign to deliver face masks to people with chronic kidney disease on Monday.
The campaign aimed to protect kidney patients against catching Covid-19, which would lead to severe symptoms, said Wannaporn Thephasadin na Ayutthaya, THPD president.
“We expect to deliver 30,000 surgical masks to patients this month,” she said.
Meanwhile, THPD managing director Peera Udomkitsakul said the company will continue delivering about 5.5 million bags of dialysis solution per month to chronic kidney disease patients.
“The company has improved delivery service in line with standards like ISO9001, Good Storage Practice (GSP) and Warehouse Management System (WMS) to ensure that dialysis solution is delivered to patients nationwide,” he said.
Laos’ move to defer payments for its power consumption will not have a significant impact on BCPG, the company’s president Bundit Sapianchai said on Monday.
SET-listed BCPG Plc is a renewable energy arm of Bangchak Corporation Plc.
Bundit said Laos has paid its dues regularly, adding that BCPG has recently signed an agreement with Electricity Vietnam (EVN) to start delivering power generated in Laos to Vietnam from next year.
“EVN offers a take-or-pay guarantee and accepts payments in the US dollar, which will help boost BCPG’s revenue stability and return on investment,” he said.
He added that BCPG has started building a 150-kilometre 220-kilovolt transmission line to deliver power generated at the Nam San 3A and 3B hydroelectric power plants to Vietnam. The line, which is expected to be ready within the period specified, will supply more than 500 megawatts.
“Apart from distributing electricity to countries with high demand, it will also help Laos manage excess electricity and boost liquidity,” he said.
He added that BCPG will discuss the power distribution plan with the Lao government and EVN.
PTT Exploration and Production Public Company Limited (PTTEP) has made its largest-ever gas discovery in Malaysia, the company announced in a press release on Wednesday.
PTTEP made the discovery through its wholly owned subsidiary, PTTEP HK Offshore Limited (Malaysia), which successfully completed drilling the Lang Lebah-2 appraisal well under the Sarawak SK 410B Project.
PTTEP Chief Executive Officer Phongsthorn Thavisin said the appraisal drilling at Lang Lebah followed the discovery of gas at its first exploration well, Lang Lebah-1RDR2, in 2019.
The Lang Lebah-2 well was completed in mid-January 2021. It was drilled to a total depth of 4,320 metres, with more than 600 metres of proven net gas pay, indicating a larger reservoir than initially estimated. The well test shows a flow rate of 50 million cubic feet of gas per day and this result will accelerate the development plan for the project, the company statement said.
“We are delighted to confirm the largest-ever gas discovery by PTTEP. The experience and expertise from our operations in the Gulf of Thailand and overseas have contributed to this achievement. The Lang Lebah gas discovery strengthens PTTEP’s investment base in Malaysia and demonstrates that our ‘execute strategy’ has translated into an increase of reserves for the company’s long-term growth,” Phongsthorn said.
The Sarawak Project is located approximately 90 kilometers offshore of Sarawak. PTTEP HKO is the operator, with 42.5 per cent of participating interest, while KUFPEC Malaysia Limited and Petronas Carigali hold 42.5 per cent and 15 per cent, respectively.
Apart from the Sarawak project, PTTEP’s portfolio in Malaysia comprises Block K, SK 309 and SK 311, and the Malaysia-Thailand Joint Development Area, which are production projects; Block H, which is a development project; and SK 417, SK 314A, SK 438, SK 405B, PM 407 and PM 415, which are exploration projects.
PTTEP has also undertaken joint investment with PTT in the MLNG Train 9 Project, an LNG liquefaction plant, through PTT Global LNG Company.
Gulf Energy Development (Gulf) has acquired an additional 1.14 million shares to increase its stake in Intouch Holdings (INTUCH) to 15 per cent from 10 per cent, the Stock Exchange of Thailand (SET) reported on Thursday.
After the acquisition of these shares on January 28, Gulf’s holding in INTUCH rose to 480.97 million shares.
Yupapin Wangviwat, Gulf’s chief financial officer, said this move was in line with the board of director’s resolution.
PTT Oil and Retail Business (OR) set its final Initial Public Offering (IPO) price at Bt18 per share on Wednesday.
Earlier, the Securities and Exchange Commission allowed OR to offer 3 billion newly issued shares with a par value of Bt10 per share to the public on September 16 last year. OR’s Registration Statement and Prospectus consequently became effective on January 14, with the preliminary price range being Bt16-18 per share.
Separately, OR chief executive officer Jiraporn Khaosawas said 530,000 individual investors have subscribed for the company’s shares via three banks – Kasikornbank, Bangkok Bank and Krungthai Bank.
She said OR will use the “small lot first” method to ensure that individual investors receive the firm’s shares.
“OR would like to thank its investors for subscribing to the company’s shares,” Jiraporn said.
She added that individual investors can check their share allocation results on www.settrade.com from February 6, while eligible shareholders of PTT can do so via www.kasikornbank.com/kmyinvest from February 2.
“Refunds will be made within 7-10 days,” she added.
Inter Far East Energy Corporation (IFEC) on Tuesday announced plans to boost its renewable energy business in the next three years.
Concerning solar energy, IFEC’s subsidiary Scan Inter Far East Energy signed a memorandum of understanding (MoU) with Enerray UAC (Thailand) for the installation of floating solar panels in industrial estates that come under the Thai Industrial Estate’s supervision.
“The company expects to generate one megawatt of electricity to sell to users this year,” IFEC director Phuwadon Suntornwipart said.
IFEC also signed an MoU with TPI Polene Power to study the possibility of building waste-to-energy power plants inside areas that come under the jurisdiction of Clean City.
“This move will help boost the company’s annual revenue as well as compensate for losses from the drop in solar energy adder rate,” Phuwadon said.
The corporation is also set to take over more biomass power plants this year.
“The company may need to raise between Bt500 million and Bt1 billion for investment in the renewable energy business,” Phuwadon said.
He added that IFEC’s revenue from its solar, wind and waste energy businesses from 2021 to 2031 is expected to be worth over Bt3.4 billion.
Meanwhile, IFEC chairman Thavich Taychanavakul said the Central Bankruptcy Court will rule on February 15 whether the company can propose a rehabilitation plan.
IFEC has 1,311 creditors with debts totalling Bt7.61 billion.
He added that if the court agrees to let IFEC come up with a rehabilitation plan, the company will make the first settlement on July 1.
“If the court declares the company bankrupt, then it will affect more than 25,000 creditors and shareholders,” Thavich said.
Cleantech Solar powers up paint giant’s three factories with solar energy
CorporateFeb 02. 2021240 kW site in Samut Sakhon, Thailand
By The Nation
AkzoNobel, the maker of paint brands like Dulux, has signed a long-term agreement with Cleantech Solar to set up three rooftop solar systems at its manufacturing sites in Thailand and Malaysia.
The solar power systems have been fully funded by Cleantech Solar, which will also operate and maintain the system throughout the contract.
The systems have been set up in AkzoNobel factories in Chonburi and Samut Sakhon in Thailand and in Nilai, Malaysia. The plants, where 7,818 solar panels have been installed, will produce 1.6 megawatts combined and prevent the production of 28,000 tonnes of carbon dioxide during the term of the agreement.
480 kW site in Nilai, Malaysia
Wijnand Bruinsma, AkzoNobel’s sustainability programme manager, said: “Sustainability is one of our core principles. We strive to lead our industry by empowering people, reducing our impact on the planet and consistently innovating to deliver the most sustainable solutions for our customers. That is why we call our approach ‘People. Planet. Paint’. It is about focusing on the things we can truly influence. Through our partnership with Cleantech Solar, we are delivering on our ambition to reduce energy use and lower CO2 emissions while increasing our use of renewable energy.”
“I am pleased to see another successful multi-country rollout from the Cleantech Solar team and would like to extend hearty congratulations to AkzoNobel on achieving another sustainability milestone in the region. Cleantech Solar takes pride in the fact that we are working together with AkzoNobel, an industry leader and established member of RE100 [100 per cent renewable energy], to make a switch to clean and competitive electricity to meet their social, environmental and economic performance targets,” said Raju Shukla, founder and executive chair of Cleantech Solar.
PTT Exploration and Production (PTTEP) has acquired a 20 per cent participating interest in Oman’s Block 61, one of the largest gas developments in the Middle East.
Phongsthorn Thavisin, chief executive officer of PTTEP, said the subsidiary PTTEP MENA has signed a sale and purchase agreement with BP Exploration for a 20 per cent participating interest in Oman’s Block 61 worth US$2.45 billion, subject to government approval within this year. The value excludes potential contingent payments which are capped at a maximum amount of $140 million, and subject to certain milestones stipulated under the sales and purchase agreement. The acquisition will be funded from cash available from PTTEP’s balance sheet.
Block 61 is a producing onshore gas field with enormous resources and significant importance to Oman’s natural gas market. It has the capacity to deliver approximately 35 per cent of total gas output in Oman. The investment will have an immediate effect on increasing PTTEP’s petroleum reserves and sales volumes.
“Since 2019, PTTEP has invested in key assets in Oman including PDO [Block 6], the largest onshore oil field in Oman, and Oman LNG, the only LNG gas liquefaction complex in the country. The investment in Block 61 is aligned with PTTEP’s direction of growth, focusing on highly prolific areas, and supports our strategy towards gas value chain investments as gas produced from the block will boost the availability of gas supply for Oman LNG. This acquisition will further strengthen PTTEP’s foothold in Oman in the long run and pave the way for future investments in the Middle East,” Phongsthorn said.
Covering around 3,950 square kilometres in central Oman, Block 61 is comprised of two phases, Khazzan gas development which began production in 2017, followed by Ghazeer in October 2020 with a combined daily production capacity of approximately 1,500 million cubic feet per day for gas and more than 65,000 barrels per day for condensate. The block is targeted at developing total gas resources of 10.5 trillion cubic feet.
After the acquisition is completed, BP will hold a 40 per cent participating interest, while other partners including Omani national oil company, PTTEP MENA and PC Oman Ventures, a subsidiary of PETRONAS, will hold 30, 20 and 10 per cent participating interests, respectively.
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Bundit Sapianchai
240 kW site in Samut Sakhon, Thailand
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