Thai PTTEP's Arthit field on track to open in late Feb

BANGKOK, Feb 12 (Reuters) - Thailand's PTT Exploration and Production PCL PTTE.BK (PTTEP) said on Tuesday it was on track to start producing gas from its Arthit field in the Gulf of Thailand in late February.

Output would gradually rise to 330 million cubic feet per day (mmcfd) within a month of the start of production, PTTEP president Maroot Mrigadat told reporters.

"Arthit field will run at full capacity within one month," said Maroot, whose company owns an 80 percent stake in the field.

Chevron Corp.'s (CVX.N: Quote, Profile, Research, Stock Buzz) Chevron Thailand Exploration and Production Ltd. holds 16 percent, and Moeco (Thailand), a Thai unit of Mitsui Oil Exploration Co (8031.T: Quote, Profile, Research, Stock Buzz), has the remaining 4 percent.

PPTEP maintained its earlier forecast of 2008 average petroleum sales volume of 223,334 barrels of oil equivalent per day (BOEPD), up 24 percent from a year earlier due to new output from several fields including the G3/43 field, Maroot said.

The Arthit North project, which is due to start later this year, is expected to produce 120 mmcfd.

In Vietnam, PTTEP's 25-percent-owned 9-2 block was expected to start production at 20,000 barrels per day when it comes on line sometime later this year, he said.

PTTEP, a subsidiary of top energy firm PTT PCL PTT.BK, has said it plans to invest 287 billion baht ($8.7 billion) between 2008 and 2012, mostly to develop new gas projects.

PTTEP has invested in 38 oil and gas exploration and development projects in the Middle East, Africa and Asia and is looking to buy new gas and oil assets at home and abroad to increase reserves and capacity.

At 0412 GMT, PTTEP shares were up 2 percent at 148 baht and the main Thai index .SETI was up 1.16 percent. ($1 = 32.90 Baht) (Reporting by Pisit Changplayngam, writing by Khettiya Jittapong, Editing by Darren Schuettler)