Form 56-1 Year 2005
Attachment 3: Supplemental Information on Petroleum Exploration and Production Activities
under the US Financial Accounting Standard no. 69 (FAS 69) and other information - Unaudited
(1)
PTTEP and its Subsidiaries’ Petroleum Reserves Report As of December 31, 2005
The total Proved Reserves of PTT Exploration and Production Public Company Limited (PTTEP)
and its Subsidiaries as of December 31, 2005 are shown in the attached table. The Proved Reserves are
reviewed annually by company’s earth scientists and reservoir engineers to ensure rigorous professional
standards. The Proved Reserves are reported on a gross basis, which includes the company’s net working
interest and related host country’s interest.
No reserve quantities have been recorded for the company on Blocks B, 48/95, 52/97, 9-2, and 16-1
Projects in offshore Vietnam, Block G4/43 in Gulf of Thailand and Block 433a&416b in Algeria because
no commercial arrangement has been established for the discoveries.
The total Proved Reserves (Consolidated Companies) as of December 31, 2005 of PTTEP and its
subsidiaries are 151 Million Stock Tank Barrels (MMSTB) for crude oil and condensate, and 5,158 Billion
Standard Cubic Feet (BSCF) for gas. The total Proved Reserves (Consolidated Companies) in term of oil
equivalent is 950 Million Barrels (MMBOE).
The total production in 2005 (Consolidated Companies) is 67 MMBOE or equivalent to the
production rate of approximately 184,000 Barrels of Oil Equivalent per Day (BOED), approximately
30,000 BOED or 19% increase from last year. The production increase was mainly attributed to the
increase of petroleum production from Yetagun and Pailin projects, the production from Nang Nuan
project, and the interest acquisition of B8/32 & 9A project.
106747985
Attachment 3 Page 1
Form 56-1 Year 2005
Proved Reserves of Crude oil,
Condensate and Natural Gas(1)
Proved Reserves of Crude oil
and Condensate(1)
(Million of barrels)
(2)
Foreign
Worldwide
101
(1)
41
11
-
(12)
(1)
(2)
(3)
(4)
(5)
Barrel of Oil Equivalent
(Billion of cubic feet)
(Million of barrels)
(2)
Foreign
Worldwide
Domestic(2)
Foreign
Worldwide
112
(1)
41
3,222
(25)
3
171
1,915
-
5,137
(25)
3
171
614
(8)
1
83
268
(3)
-
882
(11)
1
83
(0.58)
(13)
(192)
(83)
(275)
(45)
(11)
(56)
129
-
10
36
139
36
3,179
-
1,832
165
5,011
165
645
-
254
64
899
64
129
46
175
3,179
1,997
5,176
645
318
963
129
(4)
3
27
10
4
-
139
(4)
7
27
3,179
20
212
128
1,832
(1)
94
-
5,011
19
306
128
645
8
37
52
254
(1)
22
-
899
7
59
52
(17)
(1)
(18)
(214)
(92)
(306)
(54)
(13)
(67)
138
13
151
3,325
1,833
5,158
688
262
950
Domestic
Company’s share of reserves of
consolidated companies
As of December 31, 2003
1) Revision of previous estimates
2) Improved recovery
3) Extensions and discoveries
4) Purchases/Sales of Petroleum in
Place
5) Production
Total consolidation companies
As of December 31, 2004
MEDCO (5)
Total Worldwide
As of December 31, 2004
Company’s share of reserves of
consolidated companies
As of December 31, 2004
1) Revision of previous estimates
2) Improved recovery
3) Extensions and discoveries(3)
4) Purchases/Sales of Petroleum in
place(4)
5) Production
Total consolidation companies
As of December 31, 2005
Proved Reserves of Nature
Gas(1)
Domestic
The Proved Reserves are reported on a gross basis which includes the company's net working interest and the
related host country interest.
Includes JDA Project
PTTEP singed the Gas Sale Agreement (GSA) for Oman block 44 project, and Phu Horm project. Also, the
GSA of Bongkot project was amended to cover Ton Koon and Ton Nokyoong Area in 2005.
PTTEP acquired 25% interest of B8/32 & 9A Project, and started production from Nang Nuan Project (100%
interest).
As at 17th February 2005, PTTEPO sold its entire shareholdings in New Links to Encore Int’l Limited.
106747985
Attachment 3 Page 2
Form 56-1 Year 2005
(2) Capitalized costs relating to oil and gas producing activities
Capitalized costs represent cumulative expenditures for proved and unproved properties, and
support equipment and facilities used in oil and gas exploration and production operations together with
related accumulated depreciation, depletion and amortization.
Proved properties include exploration & development wells, equipment, transportation pipeline and
related producing facilities associated with proved reserves project. Unproved properties represent
amounts associated with non-proved reserve project. Support equipment and facilities include warehouse,
field offices, vehicles and movable assets used in oil and gas producing activities.
The net capitalized costs represent the undepreciated value for these assets.
(Million Baht)
Proved properties
Unproved properties
Accrued decommissioning costs
Support equipment and facilities
Gross capitalized costs
Accumulated depreciation, depletion, and amortization
Net capitalized costs
2005
151,965
3,326
7,254
2,483
165,029
(67,220)
97,809
(6)
Capitalized costs of equity company
(6)
Represents PTTEP’s share of net capitalized costs of investment in Medco
106747985
2004
100,341
1,755
5,875
620
108,591
(46,561)
62,030
10,358
Attachment 3 Page 3
Form 56-1 Year 2005
(3)
Costs Incurred in oil and gas property acquisition, exploration, and development activities
Costs incurred represent amounts both capitalized and charged to expense during the year. Property
acquisition costs include costs to purchase proved and unproved properties.
Exploration costs include the costs of geological and geophysical work, carrying and retaining
undeveloped properties, and drilling and equipping exploratory wells.
Development costs include costs associated with drilling and equipping development wells,
improved recovery systems, facilities for extraction, treating, gathering and storage, producing facilities for
existing developed reserves, and costs associated with transportation pipeline.
(Million Baht)
Acquisition of properties
- Proved
- Unproved
Exploration costs (7)
Development costs
Total
Costs incurred of equity Company(8)
2005
Domestic Foreign
19,736
2,705
15,016
37,457
-
243
3,863
2,787
6,893
-
Total
19,736
243
6,569
17,803
44,351
-
2004
Domestic Foreign Total
5,597
44
1,036
5,606
12,283
-
215
475
786
1,476
6,725
5,597
259
1,511
6,392
13,759
6,725
(7)
Exploration costs include transferring of exploration well costs to development well costs for future production.
(8)
Represents PTTEP’s share of costs incurred of investment in Medco accounted for under equity method
106747985
Attachment 3 Page 4
Form 56-1 Year 2005
(4)
Results of operation for producing activities
Results of operations from oil and gas producing activities for the year 2005 and 2004 are shown in
the following table.
Operating costs include lifting costs incurred to operate and maintain productive wells and related equipment.
Exploration expenses consist of geological and geophysical costs, and dry hole costs. General administrative expenses
are expenses directly related to oil and gas producing activities. Depreciation, Depletion and Amortization expense
relates to capitalized costs incurred in acquisition, exploration and development activities, transportation pipeline,
including amortized decommissioning costs.
Other income/expenses include pipeline transportation income and foreign exchange gains and losses.
Income tax expenses are based on the tax effects arising from the operations.
General corporate overhead and interest costs are excluded from the results of operations.
(Million Baht)
Gross revenues :
Total Sales
Expenses :
Operating expenses
Exploration expenses
General administrative expenses
Petroleum royalties and remuneration
Depreciation, depletion and amortization
Other (income)/ expenses
Total expenses
Results before income taxes
Income tax expenses
Net results of operations
Results of operations of equity company(9)
2005
Domestic Foreign
Total
2004
Domestic Foreign Total
56,331 10,027
66,358 39,299
4,708
641
585
628
1,459
537
7,911 1,071
8,355
830
525 (2,017)
23,543 1,690
32,788 8,337
14,096 2,558
18,692 5,779
5,349 2,945
642 3,587
1,213
107
294
401
1,996
782
446 1,228
8,982 4,914
754 5,668
9,185
642 7,933
(1,492) 7,291
(118) (1,609) (1,727)
25,233 15,921 1,169 17,090
41,125 23,378 5,731 29,109
16,654 9,766 1,704 11,470
24,471 13,612 4,027 17,639
-
(538)
(538)
-
6,900 46,199
154
(9)
Represents PTTEP’s share of results of operations of investment in Medco
As at 17th February 2005, PTTEPO sold its entire shareholdings in New Links and the loss on
divestment amounting to Baht 578 million.
106747985
Attachment 3 Page 5
154
Form 56-1 Year 2005
(5) Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves
The standardized measure of discounted future net cash flows, related to the above proved oil and
gas reserves, is computed by applying year-end prices of oil and gas (with consideration of price changes
only to the extent provided by contractual arrangements) to the estimated future production of year-end
proved oil and gas reserves remaining less estimated future expenditures (based on year-end costs) to be
incurred in developing and production the proved reserves, discounted using a rate of 10% per year to
reflect the estimated timing of the future cash flows. Future income taxes are calculated by applying the
appropriate year-end statutory tax rates to the future pre tax net cash flows and reduced by applicable tax
deductions or tax credits.
Discounted future cash flow estimates like those shown below are not intended to represent
estimates of the fair value of oil and gas properties. Estimates of fair value should also consider probable
and possible which may become proved reserves in the future, anticipated future oil and gas prices, interest
rates, changes in development and production costs and risks associated with future production. Because of
these and other considerations, any of fair value is necessarily subjective and imprecise.
(Million Baht)
Domestic
Foreign
Total
2005
2004
2005
2004
2005
2004
Future cash inflows
595,612
444,327
201,518
162,244
797,130
606,571
Future production costs
(84,948)
(61,511)
(23,684)
(20,821)
(108,632)
(82,332)
Future development costs
(126.936) (108,972)
(9,447)
(6,530)
(136,383)
(115,502)
Future income tax expenses
(138,583)
(90,534)
(61,384)
(50,059)
(199,967)
(140,593)
Future net cash flows
245,145
183,310
107,003
84,834
352,148
268,144
10% annual discount
(95,739)
(83,998)
(56,859)
(47,576)
(152,598)
(131,574)
Standardized measure of
discounted
future net cash flows (SMDCF)
149,406
99,312
50,144
37,258
199,550
136,570
SMDCF of equity company (10)
-
-
-
5,587
-
5,587
Total SMDCF
149,406
99,312
50,144
42,845
199,550
142,157
(10)
Represents PTTEP’ s share of discounted future net cash flows of investment in Medco.
106747985
Attachment 3 Page 6
Form 56-1 Year 2005
Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and
Gas Reserves
(Million Baht)
Present value at beginning of year
2005
136,570
2004
116,326
Sales and transfers of oil and gas produced, net of production costs
Development costs incurred during the period
Net changes in prices and production costs
Net changes in development costs
(47,731)
16,621
127,762
(18,377)
(31,759)
6,782
38,127
(15,079)
26,079
272
1,936
36,907
(20,843)
(59,374)
199,550
(5,923)
43,448
(5,337)
(10,287)
136,570
Extensions, discoveries and improved recovery
Revisions of previous quantity estimates
Purchases / sales of petroleum in place
Accretions of discount
Net changes in income taxes
Present value at the year end
106747985
Attachment 3 Page 7
Form 56-1 Year 2005
(6)
Other information
Productive Oil and Gas Wells
The numbers of productive wells at December 31, 2005 were as follows:
Oil
Gross
Net
Thailand
Foreign
Southeast Asia
Total
Gas
Gross
Net
360
210
601(1)
160
360
210
22
623
5
165
(1) The numbers of 248 production wells produce both crude oil and Gas.
Drilling in Progress
The numbers of oil and gas wells in progress at December 31, 2005 were as follows:
Exploratory
Thailand
Foreign
Southeast Asia
Middle East and Others
Total
Development
Thailand
Foreign
Southeast Asia
Total
Gross
-
Net
-
2
2
4
0.8
1.3
2.1
21
6
21
6
Net Oil and Gas Wells Drilled Annually in 2005
Exploratory
Thailand
Foreign
Southeast Asia
Middle East and Others
Total
Development
Thailand
Foreign
Southeast Asia
Total
Net Productive
Net dry
wells drilled well drilled
9.2
1
0.5
3.7
13.4
0.2
0.7
1.9
72
-
72
-
Gross wells include the total number of wells in which the company has an interest. Net wells are the sum of
the company’s fractional interests in gross wells
106747985
Attachment 3 Page 8
Form 56-1 Year 2005
Attachment 4: Quarterly Information in 2005 and 2004 (unaudited) for the consolidated financial statement
(Unit : Million Baht)
Year 2005
4thQ
3rdQ
2ndQ
1stQ
20,404
19,183
14,092
12,679
563
518
472
444
39
-
-
178
Gain on divestment
507
-
-
-
Interest income
178
154
203
174
35
30
21
23
67
101
8
31
21,793
19,986
14,796
13,528
Operating expenses
2,004
1,481
1,031
833
Exploration expenses
382
358
299
174
General administrative expenses
916
845
613
544
3,221
2,357
1,699
1,551
2,960
2,414
2,035
2,030
29
2
2
2
Loss on foreign exchange
-
14
1
-
Loss on divestment
-
-
-
578
9,512
7,471
5,680
5,712
12,281
12,515
9,116
7,816
342
349
340
324
Income taxes
5,122
4,983
3,296
3,238
Net income
6,817
7,183
5,480
4,254
Basic earnings per share
10.41
10.98
8.39
6.51
Diluted earnings per share
10.38
10.96
8.37
6.50
Revenues
Sales
Revenue from pipeline transportation
Other revenues
Gain on foreign exchange
Other revenues
Share of profit from investments accounted
for under equity method
Total revenues
Expenses
Petroleum royalties and remuneration
Other expenses
Depreciation, depletion and
amortization
Director’s remuneration
Total expenses
Income before interest and income taxes
Interest expenses
Earnings per share (Baht)
106747985
Attachment 4 Page 1
Form 56-1 Year 2005
Year 2004
Revenues
Sales
(Unit : Million Baht)
4thQ
3rd Q
2nd Q
1stQ
12,894
12,069
11,097
10,139
415
419
404
358
727
-
-
105
85
53
37
42
19
39
22
15
94
176
49
-
14,234
12,756
11,609
10,659
Operating expenses
955
978
853
800
Exploration expenses
133
97
131
40
General administrative expenses
627
466
341
520
1,574
1,440
1,399
1,255
2,081
1,895
2,083
2,046
Director's remuneration
19
2
3
1
Loss on foreign exchange
-
206
514
-
11
67
23
18
-
-
-
110
5,400
5,151
5,347
4,791
8,834
7,605
6,262
5,868
338
350
340
331
Income taxes
3,396
3,144
2,645
2,159
Net income
5,100
4,111
3,277
3,378
Basic earnings per share
7.81
6.30
5.02
5.18
Diluted earnings per share
7.78
6.29
5.02
5.17
Revenue from pipeline transportation
Other revenues
Gain on foreign exchange
Interest income
Other revenues
Share of profit from investments accounted
for under equity method
Total revenues
Expenses
Petroleum royalties
Other expenses
Depreciation, depletion and amortization
Other expenses
Share of loss from investments accounted
for under equity method
Total expenses
Income before interest and income taxes
Interest expenses
Earnings per share (Baht)
106747985
Attachment 4 Page 2
Form 56-1 Year 2005
Five-year financial summary
2005
2004
2003
(Unit : Million Baht)
2002
2001
66,358
46,199
34,038
29,587
27,518
Revenue from pipeline transportation
1,997
1,596
1,089
646
663
Other revenues
Share of profit from investments accounted
for under equity method
Total revenues
1,021
413
1,137
885
1,023
207
209
750
656
82
69,583
48,417
37,014
31,774
29,286
Operating expenses
5,349
3,587
2,389
2,774
2,479
Exploration expenses
1,213
401
2,312
150
233
General administrative expenses
2,764
1,954
1,314
1,270
1,065
Petroleum royalties and remuneration
8,982
5,668
4,021
3,424
3,199
Other expenses
9,546
8,238
5,577
5,291
3,844
27,854
19,848
15,613
12,909
10,820
41,729
28,569
21,401
18,865
18,466
1,355
1,359
1,411
1,415
1,837
Income taxes
16,639
11,344
7,962
5,396
5,734
Net income
23,735
15,866
12,028
12,054
10,895
36.29
24.31
18.44
18.49
16.71
36.21
24.26
18.43
18.49
16.71
653.95
652.77
652.15
652.00
652.00
655.56
653.97
652.51
652.05
652.00
13.50
9.00
6.75
6.75
6.00
Consolidated Statements of Income
Revenues
Sales
Expenses
Total expenses
Income before interest and income taxes
Interest expenses
Earnings per share (Baht)
Basic earnings per share
Diluted earnings per share
Weighted average number of outside
ordinary shares (no. of share, million)
Weighted average number of outside
ordinary shares in issue
Weighted average number of outside
ordinary shares for diluted earnings
per share
Dividend per share (Baht)
106747985
Attachment 4 Page 3
Form 56-1 Year 2005
Five-year financial summary (continuous)
(Unit : Million Baht)
2005
2004
2003
2002
2001
42,551
100,766
143,317
36,527
35,093
71,620
71,697
143,317
36,159
75,786
111,945
15,445
39,401
54,846
57,099
111,945
27,198
65,378
92,576
9,250
37,652
46,902
45,674
92,576
20,836
63,557
84,393
10,384
35,553
45,937
38,456
84,393
20,405
57,324
77,729
14,734
31,884
46,618
31,111
77,729
Cash flows from operating activities
Cash flows from investing activities
48,719
(32,745)
26,236
(17,071)
16,179
(9,142)
16,122
(7,001)
20,588
(16,954)
Cash flows from financing activities
Effects of exchange differences
(9,258)
6,716
23,778
30,494
13
(4,297)
4,868
19,063
23,931
(153)
(4,019)
3,018
16,306
19,324
(261)
(7,911)
1,210
15,209
16,419
(113)
(4,770)
(1,136)
16,527
15,391
(182)
Cash and cash equivalents as of the closing date
30,507
23,778
19,063
16,306
15,209
Consolidated Balance Sheets
Current Assets
Non-current Assets
Total Assets
Current Liabilities
Non-current Liabilities
Total Liabilities
Shareholders’ Equity
Total Liabilities and Shareholders’ Equity
Consolidated Statements of Cash Flows
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents as of the beginning date
Five-year petroleum sales volume and unit price summary
Net sales of petroleum (BOED)
Average petroleum unit prices
Average unit prices of crude oil and
condensate (USD per BBL)
Average unit prices of natural gas
(USD per MMBTU)
Average unit prices of petroleum
(USD per BOE)
106747985
2005
2004
2003
2002
2001
153,531
134,070
107,299
101,736
91,623
51.02
34.93
26.82
23.00
22.49
3.41
3.17
3.17
2.92
2.95
29.37
23.38
20.62
18.59
18.68
Attachment 4 Page 4
Form 56-1 Year 2005
Attachment 5: Audit Committee Report 2005
The Audit Committee is composed of 3 Independent Directors with knowledge, expertise and
experience in finance & accounting, law, and related technical practices; it is chaired by Mr. Nopadon
Mantajit, with Mr. Prasit Kovilaikool and Mr. Charnchai Musignisakorn as members.
On October 4, 2005, Mr. Nopadon Mantajit resigned as a member of the Board of Directors, the
Chairman of the Audit Committee and an independent director. To replace him, the Board of Directors
appointed Mr. Anucha Sihanatkathakul to be an Audit Committee member and appointed Mr. Charnchai
Musignisakorn to be the Chairman of the Audit Committee, effective from October 21, 2005.
All Audit Committee members performed their duties and responsibilities as assigned by the Board
of Directors in accordance with PTTEP’s Audit Committee Charter. During 2005, the Audit Committee
held 15 meetings, completing the work items which are summarized below :
(1) Reviewed the quarterly and annual financial statements with PTTEP management and the
External Auditor (The Office of the Auditor General) with comments and recommendations to ensure the
accuracy and creditability of the financial information as well as sufficient and timely disclosure of
significant matters to meet the accounting standards and requirements of relevant laws and regulations.
(2) Reviewed PTTEP performance to ensure the Company’s compliance with the securities and
stock exchange laws, the Stock Exchange of Thailand’s rules and regulations and other laws related to
PTTEP’s business.
(3) Considered and supported the disclosure of any connected transactions to ensure accuracy
and completeness together with the opinion that they were reasonably executed for the benefit of
shareholders. PTTEP also issued a quarterly Management Discussion and Analysis Report (MD&A),
which is useful for all investors.
(4)
Considered and approved the additional agenda items as assigned by the Board of Directors.
(5) Considered and approved the annual internal audit plan, reviewed the internal audit report
and evaluated the internal control system to ensure that internal control system was functioning effectively,
with acceptable level of risk and in appropriate manner for the changing business environment.
106747985
Attachment 5 Page 1
Form 56-1 Year 2005
(6) Considered and proposed that the Office of the Auditor General continue to serve as
PTTEP’s external auditor; also considered and decided upon the relevant audit fees for 2005.
(7)
Reviewed PTTEP risk management and made suggestion to help minimize those risks.
(8)
Reviewed and proposed that the Board of Directors revise the Audit Committee Charter B.E. 2542
(9) Assessed the Audit Committee’s 2005 performance by completing a self–assessment and by
soliciting feedback from the Board of directors and related parties to improve overall committee
effectiveness. The result of the assessment revealed that the structure, qualifications, meetings and
performance of the Audit Committee remain effective.
(10)
Establish 2005 Key Performance Indicators of the Audit Committee.
The Audit Committee regularly submitted all Minutes of the meetings to the Board of Directors.
In conclusion, the Audit Committee performed its assigned duties and responsibilities related to
Corporate Governance in 2005 with care, knowledge and independence at its fullest ability, as well as
providing forthright opinions to all parties for the benefit of PTTEP, shareholders and stakeholders in an
appropriate manner.
Charnchai Musignisakorn
(Mr. Charnchai Musignisakorn)
Chairman of the Audit Committee
December 23, 2005
106747985
Attachment 5 Page 2
Form 56-1 Year 2005
Attachment 6: Details of Current Projects
1.
Thailand E&P Projects
(1) Bongkot Project (Block B15,B16,B17)
Location:
Gulf of Thailand, approximately 180 kms. offshore Songkhla
Province.
Petroleum Field:
Bongkot
Participation:
1988
Production Start up:
1993
Concession:
No.
Date
Condition
5/2515/9
15 March 1990 Thailand I
Supplementary No.10
Partners:
PTTEP
44.4445%
TotalFinaElf Exploration & Production Thailand 33.3333%
BG Asia Pacific PTE Ltd.
22.2222%
Operator:
PTTEP
Phase:
Production
Type of Petroleum:
Natural Gas and Condensate
Bongkot Project (Block B 13/38)
Location:
South of Bongkot
Petroleum Field:
Bongkot
Participation:
Production Start up:
2007
Concession:
No.
Date
Condition
2/2539/49
27 June 1996
Thailand III
Supplementary No.3
Partners:
PTTEP
44.4445%
TotalFinaElf Exploration and Production Thailand 33.3333%
BG Asia Pacific PTE Ltd.
22.2222%
Operator:
PTTEPI
Phase:
Exploration
106747985
Attachment 6 Page 1
Form 56-1 Year 2005
(2)
S1 Project
Location:
Petroleum Field:
Participation:
Production Start up:
Concession:
Partners:
Operator:
Phase:
Type of Petroleum:
(3)
E5 Project
Location:
Petroleum Field:
Participation:
Production Start up:
Concession:
Partners:
Operator:
Phase:
Type of Petroleum:
106747985
Sukhothai, Phitsanulok and Kamphaengpet Province
Sirikit Main, Sirikit East, Sirikit West, Pru Kratiam, Pratu Tao,
Thap Raet, Nong Tum, Kui Ma Muang and Wat Taen
1985
1983
No.
Date
Condition
1/2522/16
21 October 1985 Thailand I
Supplementary no. 1
PTTEPS
75%
PTTEP
25%
PTTEPS
Production
Crude Oil, LPG and Natural Gas
Khon Khaen Province, Thailand
Nam Phong
1990
1990
No.
Date
Condition
2/2522/17
29 August 1990 Thailand I
Supplementary no. 2
ExxonMobil Exploration and Production Khorat Inc. 80%
PTTEP
20%
ExxonMobil Exploration and Production Khorat Inc.
Production
Natural Gas
Attachment 6 Page 2
Form 56-1 Year 2005
(4)
Unocal III Project
Location:
Petroleum Field:
Participation:
Production Start up:
Concession:
Partners:
Operator:
Phase:
Type of Petroleum:
Gulf of Thailand, Offshore Surat Thani Province
Funan, Jakrawan, Gomin, Surat, Plamuk, Trat, Pakarang, Yala
1990
1992
No.
Date
Condition
1/2515/5
26 September 1990 Thailand I
Supplementary no. 8
No.
Date
Condition
2/2515/6
26 September 1990 Thailand I
Supplementary no. 5
Chevron Thailand Exploration and Production Ltd. 71.25%
Moeco
23.75%
PTTEP
5.00%
Chevron Thailand Exploration and Production Ltd.
Production
Crude Oil, Condensate and Natural Gas
(5) Pailin Project (Block 12/27)
Location:
Gulf of Thailand, Offshore Songkhla Province
Petroleum Field:
South Pailin, North Pailin, Nil, Morakot, Ubon, Patai, Tub-Tim
Participation:
1993
Production Start up:
1999
Concession:
No.
Date
Condition
1/2529/33
20 April 1994
Thailand I
Supplementary no. 5
Partners:
PTTEP
45%
Chevron Thailand Exploration and Production Ltd. 35%
Amerada Hess
15%
Motodeco
5%
Operator:
Chevron Thailand Exploration and Production Ltd
Phase:
Production
Type of Petroleum:
Condensate and Natural Gas
106747985
Attachment 6 Page 3
Form 56-1 Year 2005
(6)
Arthit Project (B14a, B15a, B16a)
Lacation:
Gulf of Thailand
Petroleum Field:
Arthit
Participation:
1999
Production Start up:
2007
Concession:
No.
Date
3/2515/7
1 June 1999
5/2515/9
1 June 1999
Supplementary No.9 & 12
Partners:
PTTEP
Unocal Thailand Ltd.
Moeco Thailand Company Limited
Operator:
PTTEP
Phase:
Exploration and Development
Type of Petroleum:
Natural Gas and Condensate
Condition
Thailand I
Thailand I
80%
16%
4%
(7) Phu horm Project (E5 North Project)
Location:
Udonthani Province
Petroleum Field:
Phu Horm
Participation:
1990
Concession:
No.
Date
Condition
2/2522/17
26 March 1979 Thailand I
2/2522/17
24 June 2004
Supplementary no. 5
Partners:
Amerada Hess (Thailand) Ltd.
APICO LLC
PTTEP
ExxonMobil Exploration and Production Khorat Inc
Operator:
Amerada Hess (Thailand) Ltd.
Phase:
Exploration
Type of Petroleum:
Natural Gas and Condensate
106747985
35%
35%
20%
10%
Attachment 6 Page 4
Form 56-1 Year 2005
Phu horm Project (EU-1 Project)
Location:
Udonthani Province
Petroleum Field:
Phu Horm
Participation:
2004
Concession:
No.
Date
Condition
1/2524/19
3 June 1981
Thailand I
1/2524/19
31 January 2005
Supplementary no. 4
Partners:
Amerada Hess (Thailand) Ltd.
35%
APICO LLC
35%
PTTEPS
20%
ExxonMobil Exploration and Production Khorat Inc. 10%
Operator:
Amerada Hess (Thailand) Ltd.
Phase:
Exploration
Type of Petroleum:
Natural Gas and Condensate
(8) PTTEP 1 Project
Location:
Petroleum Field:
Participation:
Production Start up:
Concession:
Partners:
Operator:
Phase:
Type of Petroleum:
106747985
Kampaeng Saen Nakhon Pathom province and Muang District
Suphan Buri province
Kampaeng Saen , U-Thong and Sang Kajai
1993
1991
No.
Date
Condition
2/2528/27
5 February 1985 Thailand III
PTTEPI
100%
PTTEPI
Production
Crude Oil
Attachment 6 Page 5
Form 56-1 Year 2005
(9) B8/32 Project
Location:
Petroleum Field:
Participation:
Production Start up:
Concession:
Partners:
Operator:
Phase:
Type of Petroleum:
9A Project
Location:
Petroleum Field:
Participation:
Production Start up:
Concession:
106747985
Gulf of Thailand, Offshore
Tantawan, Non-Tantawan (Benchamas, Maliwan, Jamjuree,
Chaba)
2005
1997
No.
Date
Condition
1/2534/36
6 March 1998
Thailand III
Supplementary no. 3
Tantawan Production Area
Chevron Offshore Thailand Ltd.
44.34146%
Orange Energy Ltd.
46.34147%
Palang Sophon Ltd.
7.31707%
Palang Sophon Two Ltd.
2.00000%
Non-Tantawan Production Area
Chevron Offshore Thailand Ltd.
29.66667%
Orange Energy Ltd.
31.66667%
B8/32 Partners Ltd.
31.66666%
Palang Sophon Ltd.
5.00000%
Palang Sophon Two Ltd.
2.00000%
Chevron Offshore Thailand Ltd.
Production
Crude Oil Blend and Natural Gas
Gulf of Thailand, Offshore
Rajapreuk
2005
2005
No.
Date
Condition
4/2515/8
24 February 1976 Thailand I
Supplementary no. 8
Attachment 6 Page 6
Form 56-1 Year 2005
Partners:
Operator:
Phase:
Type of Petroleum:
Remarks:
Chevron Offshore Thailand Ltd.
44.34146%
Orange Energy Ltd.
46.34147%
Palang Sophon Ltd.
7.31707%
Palang Sophon Two Ltd.
2.00000%
Chevron Offshore Thailand Ltd.
Production
Crude Oil Blend and Natural Gas
1. The Shareholders of Orange Energy Ltd. are as follow
PTTEPO
53.94960%
MOECO
36.05040%
Palang Sophon International
10.00000%
2. The Shareholders of B8/32 Partners Ltd. are as follow
Chevron Offshore Thailand Ltd. 46.34182%
PTTEP
25.00091%
MOECO
16.70636%
Palang Sophon Ltd.
7.31636%
Palang Sophon International
4.63455%
(10) Nang Nuan Project (Block 6/27)
Location:
Gulf of Thailand, 25 kilometers East of Savee Sub-District
Chumporn Province
Petroleum Field:
Nang Nuan
Participation:
Production Start up:
2005
Concession:
No.
Date
Condition
3/2528/28
6 February 1979 Thailand I
Partners:
PTTEPS
100%
Operator:
PTTEPS
Phase:
Production
Type of Petroleum:
Crude Oil
106747985
Attachment 6 Page 7
Form 56-1 Year 2005
(11) L22/43 Project
Location:
Petroleum Field:
Participation:
Concession:
Concession Date:
Exploration Period:
Production Period:
Partners:
Operator:
Phase:
Type of Petroleum:
(12) G4/43 Project
Location:
Petroleum Field:
Participation:
Concession:
Concession Date:
Exploration Period:
Production Period:
Partners:
Operator:
Phase:
Type of Petroleum:
106747985
Phitsanulok Province and Pichit Province
2003
No.
Date
Condition
2/2546/59
17 July 2003
Thailand III
17 July 2003
2 obligation periods and 3 years for each period
20 years from the day following the data of termination of the
petroleum exploration period
PTTEPI
100%
PTTEPI
Exploration
Crude Oil
Gulf of Thailand, off the coast of Prachuap Khirikhan Province
2003
No.
Date
Condition
4/2546/61
17 July 2003
Thailand III
17 July 2003
2 obligation periods and 3 years for each period
20 years from the day following the data of termination of the
petroleum exploration period
Chevron Offshore Thailand Ltd.
60%
Moeco
25%
PTTEPI
15%
Chevron Offshore Thailand Ltd.
Exploration
Crude Oil, Condensate and Natural Gas
Attachment 6 Page 8
Form 56-1 Year 2005
(13) L53/43 & L54/43 Project
Location:
Suphan Buri, Ayuthaya, Ang Thong, Kanchanaburi provinces
Petroleum Field:
Participation:
2004
Production Start up:
Concession:
No.
Date
Condition
2/2547/68
22 January 2004 Thailand III
Concession Date:
22 January 2004
Exploration Period:
2 obligation periods and 3 years for each period
Production Period:
20 years from the day following the data of termination of the
petroleum exploration period
Partners:
PTTEPT
100%
Operator:
PTTEPT
Phase:
Exploration
Type of Petroleum:
Crude Oil
2.
Exploration and Production Regional Project
(1)
106747985
CTJDA Project (Block G9/43)
Location:
Overlapping Area Thailand & Cambodia
Petroleum Field:
Participation:
2003
Concession:
No.
Date
8/2546/65
17 July 2003
On the process of negotiation on this disputed areas
Partners:
PTTEPI
100%
Operator:
PTTEPI
Phase:
Exploration
Attachment 6 Page 9
Form 56-1 Year 2005
(2)
MTJDA Project (Block B 17 และ C 19)
Location:
South of the Gulf of Thailand
Petroleum Field:
South Muda Tapee Jengka Amrit Mari West Jengka East Jengka
South Jengka
Participation:
1994
Production Sharing Agreement:
Date of Agreement:
21 April 1999 (Supplementary No.1)
Period Of Agreement: 35 years from the date of Agreement
Partners:
PTTEPI
50%
Petronas Carligali (JDA)
50%
Phase:
Exploration and Development
Type of Petroleum:
Natural Gas and Condensate
Remark:
Carligari PTTEP International Operating Company was
established to be the joint-operator of JDA Project with PTTEP
and Petronas Carligali invested by 50:50.
MTJDA Project (Block B17-01)
Location:
South of the Gulf of Thailand
Petroleum Field:
Participation:
2004
Production Sharing Agreement:
Date of Agreement:
30 September 2004
Partners:
PTTEPI
50%
Petronas Carligali (JDA)
50%
Phase:
Exploration and Development
Type of Petroleum:
Natural Gas and Condensate
Remark:
Carligari PTTEP International Operating Company was
established to be the joint-operator of JDA Project with PTTEP
and Petronas Carligali invested by 50:50.
106747985
Attachment 6 Page 10
Form 56-1 Year 2005
(3)
Myanmar M3 & M4 Project
Location:
Gulf of Moattama , Myanmar
Petroleum Field:
Concession:
No.
Date
Condition
M3: 394/2004 07 August 2004 PSC
M4: 395/2004 07 August 2004 PSC
Production Sharing Agreement
Date of Agreement:
7 August 2004
Period of Agreement: 6 years
Period of Data Study: 1 year
Period of Exploration: 3 years after the Data Study Period with allowance of 2 extension
periods of one year each.
Period of Production: 20 years after the final day of the development or production or
according to the petroleum sales/purchase agreement.
Partners:
PTTEPI
100%
Operator:
PTTEPI
Phase:
Exploration
Type of Petroleum:
Natural Gas and Condensate
(4)
Yadana Project (Block M5 M6)
Location:
Gulf of Moattama, Myanmar
Petroleum Field:
Yadana, Badamyar, Sein
Participation:
1995
Production Start up:
1998
Concession:
No.
Date
Condition
M5&M6: 055/92 8 July 1992 PSC
Production Sharing Agreement:
Date of Agreement:
July 9, 1992
Period of Agreement: 20 years or expiration of gas Sales/Purchase Agreement or 30
years from 1 August 1998
Period of Exploration: 3 years
Period of Production: 30 years as according to the Sales/Purchase Agreement
106747985
Attachment 6 Page 11
Form 56-1 Year 2005
Partners:
Operator:
Phase:
Type of Petroleum:
(5)
106747985
Total Exploration and Production Myanmar
Unocal Myanmar Offshore Co., Ltd.
PTTEPI 25.50% and MOGE
Total Exploration and Production Myanmar
Production
Natural Gas
31.24%
28.26%
15.00%
Yetagun Project (M 12, M 13, M 14)
Location:
Gulf of Moattama, Myanmar
Petroleum Field:
Yetagun
Participation:
1997
Production Start up:
2000
Concession:
No.
Date
Condition
M13: 024/90 3 May 1990
PSC
M14: 025/90 3 May 1990
PSC
M12: 061/90 28 September 1992 PSC
Production Sharing Agreement:
Date of Agreement:
September 29, 1992 (Block M12)
May 3, 1990 (Block M 13 and Block M14)
Period of Agreement: 20 years or expiration of gas Sales/Purchase Agreement or 30
years from 13 March 1997
Period of Exploration: 3 years with 2 extension periods of one year each.
Period of Production: 30 years as according to the Sales/Purchase Agreement
Partners:
Petronas Carigali Myanmar Inc.
30.00140%
MOGE
20.45414%
Nippon Oil Exploration (Myanmar) Ltd.
19.31784%
PTTEPI
19.31784%
Petronas Carigali Myanmar (Hong Kong) Ltd.
10.90878%
Operator:
Petronas Carigali Myanmar (Hong Kong) Ltd.
Phase:
Production
Type of Petroleum:
Natural Gas and Condensate
Attachment 6 Page 12
Form 56-1 Year 2005
(6)
Myanmar M7& M9 Project
Location:
Gulf of Moattama, Myanmar
Petroleum Field:
Production Start up:
2011
Concession:
No.
Date
Condition
M7: 381/2003 12 November 2003 PSC
M9: 382/2003 12 November 2003 PSC
Production Sharing Agreement:
Date of Agreement:
12 November 2003
Period of Agreement: 6 years
Period of Data Study: 1 year
Period of Exploration: 3 years after the Data Study Period with allowance of 2 extension
periods of one year each.
Period of Production: 20 years after the final day of the development or production or
according to the petroleum sales/purchase agreement.
Partners:
PTTEPI
100%
Operator:
PTTEPI
Phase:
Exploration
Type of Petroleum:
Natural Gas
(7)
Myanmar M11 Project
Location:
Gulf of Moattama , Myanmar
Petroleum Field:
Concession:
No.
Date
Condition
M11 : 405/2005 25 July 2005
PSC
Production Sharing Agreement:
Date of Agreement:
25 July 2005
Period of Agreement: 6 years
Period of Data Study: 1 year
Period of Exploration: 3 years after the Data Study Period with allowance of 2 extension
periods of one year each.
106747985
Attachment 6 Page 13
Form 56-1 Year 2005
Period of Production:
Partners:
Operator:
Phase:
Type of Petroleum:
20 years after the final day of the development or production or
according to the petroleum sales/purchase agreement.
PTTEPI
100%
PTTEPI
Exploration
Natural Gas
(8)
Cambodia B Project
Location:
Offshore Cambodia, east of Thai-Cambodian overlapping claims Area
Petroleum Filed:
Participation:
7 November 2005
Production Sharing Agreement:
Date of Agreement:
7 November 2005
Period of Exploration: 3 years with 2 two-year extension periods
Period of Production: 30 years after first commercial production
Partners:
PTTEPI
30%
Resourceful Petroleum Ltd.
30%
SPC Cambodia Ltd.
30%
CE Cambodia B Ltd.
10%
Operator:
PTTEPI
Phase:
Exploration
(9)
Vietnam B& 48/95 Project
Location:
In the Gulf of Thailand, to the west of Vietnam
Petroleum Field:
Kim Long Argul
Participation:
2000
Production Start up:
2010
Production Sharing Agreement:
Date of Agreement:
8 August 2000
Partners:
Unocal Vietnam Exploration Limited.
Moeco Vietnam Petroleum Limited.
PetroVietnam Vietnam Exploration and Production.
PTTEP Kim Long Vietnam Company Limited
106747985
42.38%
25.62%
23.50%
8.50%
Attachment 6 Page 14
Form 56-1 Year 2005
Operator:
Phase:
Type of Petroleum:
Unocal Vietnam Exploration Limited.
Exploration
Natural Gas and Condensate
(10) Vietnam 52/97 Project
Location:
In the Gulf of Thailand, to the west of Vietnam
Petroleum Field:
Carvoy Arguy
Participation:
2000
Production Start up:
2010
Production Sharing Agreement:
Date of Agreement:
19 October 1999
Period of Agreement: 30 years
Partners:
Unocal Southwest Vietnam Exploration
and Production Ltd.
43.40%
Moeco Southwest Vietnam Petroleum Ltd.
19.60%
PetroVietnam Exploration and Production Company 30.00%
PTTEPSV
7.00%
Operator:
Unocal Southwest Vietnam Exploration and Production Ltd.
Phase:
Exploration
Type of Petroleum:
Natural Gas
(11) Vietnam 9-2 Project
Location:
Offshore to the South East of Vang Tau of Vietnam
Petroleum Field:
CaNguVang and Ca Ong Doi
Participation:
2002
Production Start up:
2007
Production Sharing Agreement:
Date of Agreement:
21 December 2000
Period of Agreement: 25 years
Partners:
PetroVietnam Exploration and Production Company 50%
Soco Vietnam Limited
25%
PTTEP HV
25%
Phase:
Exploration
106747985
Attachment 6 Page 15
Form 56-1 Year 2005
Type of Petroleum:
Remark:
Crude Oil
Hoang Vu Joint Operating Company was established to be the
joint- operator of Project Block 9-2
(12) Vietnam 16-1 Project
Location:
Offshore to the South East of Vang Tau of Vietnam
Petroleum Field:
TGT, TGV, T
Participation:
2002
Production Start up:
2008
Production Sharing Agreement:
Date of Agreement:
8 December 1999
Period of Agreement: 25 years
Partners:
PetroVietnam Exploration and Production Company 41%
PTTEP Hoang-Long Company Limited
28%
Soco Vietnam Limited
28%
OPECO Vietnam
2%
Phase:
Exploration
Type of Petroleum:
Crude Oil
Remark:
Hoang-Long Joint Operating Company was established to be the
joint- operator of Project Block 16-1.
3
International Exploration and Production Projects
(1)
106747985
Indonesia Merangin-I Project
Location:
Onshore Central Sumatra, Indonesia
Participation:
2005
Production Sharing Agreement:
Date of Agreement:
14 October 2005
Period of Agreement: 30 Years
Period of Exploration: 3-6 years
Partners:
PT. Medco E&P Merangin
41%
PTTEPO
39%
MOECO Merangin Co., Ltd.
20%
Attachment 6 Page 16
Form 56-1 Year 2005
Operator:
Phase:
Type of Petroleum:
(2)
PT. Medco E&P Merangin
Exploration
Crude Oil
Iran Saveh Project
Location:
Northern part of Central Iran Basin, approximately 200 km. south
of Tehran
Petroleum Field:
Saveh
Participation:
2005
Concession:
Date
Condition
8 June 2005 - 2D seismic program
- 1 Exploration well
- Total budget of 14.5 millions USD.
Production Sharing Agreement:
Date of Agreement:
30 April 2005
Period of Agreement: 4 Years
Partners:
PTTEP IR
100%
Operator:
PTTEP IR
Type of Petroleum:
Crude oil
(3)
106747985
Oman 44 Project
Location:
Oman onshore approximately 300 k.m. west of Mascat
Petroleum Field:
Shoms and Munhamir
Participation:
2002
Production Start up:
2005
Concession Date:
27 August 2002
Production Sharing Agreement:
Date of Agreement:
21 July 2002
Period of Agreement: 30 years
Partners:
PTTEP OM 100%
Operator:
PTTEP OM
Phase:
Exploration
Type of Petroleum:
Crude Oil, Natural Gas and Condensate
Attachment 6 Page 17
Form 56-1 Year 2005
(4)
106747985
Algeria 433a & 416b Project
Location:
South-east of Algeria
Petroleum Field:
Bir Seba and Bir El Atrech
Participation:
2004
Production Sharing Agreement:
Date of Agreement:
10 July 2002
Period of Agreement: 25years
Partners:
Petrovietnam Investment and Development Company Ltd. 40%
PTTEP AG
35%
SONATRACH
25%
Operator:
Petrovietnam Investment and Development Company Limited
Phase:
Exploration
Type of Petroleum:
Crude Oil
Attachment 6 Page 18