UPDATE 1-Thai PTTEP sees higher petroleum sales in 2008

(Adds details of investment plan)

BANGKOK, Dec 25 (Reuters) - Thailand's PTT Exploration and Production PCL PTTE.BK (PTTEP) said on Tuesday it expected 2008 average petroleum sales volume of 223,334 barrels of oil equivalent per day (BOEPD).

PTTEP, which aimed for sales of about 188,000 BOEPD in 2007, expected sales to rise to 250,194 BOEPD in 2009 and reach 278,299 BOEPD in 2011 before easing to 251,778 BOEPD in 2012, the company said in a statement.

It has said 2007 sales may fall 4-5 percent short of target as production at some fields was less than expected.

PTTEP, a subsidiary of top energy firm PTT PCL (PTT.BK), also said it planned to invest 287 billion baht ($8.5 billion) between 2008 and 2012.

It planned to spend 81 billion baht in 2008, of which 59.8 billion baht would be for capital expenditure, it said.

Projects under development were in the Malaysia-Thai joint development area (JDA), Arthit and Arthit North in the Gulf of Thailand and Vietnam 9-2, the statement said.

The JDA project should start gas production in the second half of 2009 at around 270 million cubic feet per day (MCFPD), rising to 335 MCFPD in 2010, it said.

The Arthit project would start gas production in the first quarter of 2008 with expected output at 330 MCFPD, it added.

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 in a bid to increase reserves and capacity.

At 0320 GMT, PTTEP shares were up 1.35 percent at 150 baht and the main Thai index .SETI was up 0.52 percent. ($1 = 33.70 Baht) (Reporting by Khettiya Jittapong; Editing by Michael Battye)