Offshore staff

BANGKOK -- Thailand has approved a $9.6-billion natural gas development in the Gulf of Thailand aimed at generating a production of nearly 6 tcf/d.

The Thai Petroleum Committee says Chevron (Thailand) is expected to invest $8 billion on its concessions in the U1, U2, and U3 fields, which are expected to produce 5 tcf of natural gas and 264 MMbbl of condensate during the 10-year period. Chevron is expected to set up 91 platforms and drill 2,290 wells.

PTT Exploration and Production (PTTEP), Total, and BG will invest 1.6 billion to develop the South Bongkot fields. The consortium plans to set up 11 production platforms and drill 90 wells to increase production by 330 MMcf/d from the present 640 MMcf/d.

Energy Ministry permanent secretary and the committee chairman Pornchai Rujiprapa says the concession extension would be subject to 15% royalties, up from the 12.5% paid in the past.

7/13/2007