Unocal Thailand awards contract for new FSO

Unocal Thailand Ltd. has signed an agreement with Teekay Shipping Corp. for long-term lease and management of a floating, storage, and offloading (FSO) vessel for its crude oil development project in the Gulf of Thailand.

Unocal Thailand Ltd. has signed an agreement with Teekay Shipping Corp. for long-term lease and management of a floating, storage, and offloading (FSO) vessel for its crude oil development project in the Gulf of Thailand.

The new vessel, to be named Pattani Spirit, will replace the tanker Sibeia that now stores crude oil produced from the Plamuk, Surat, Yala, Platong, and Kaphong fields in the Gulf of Thailand.

Teekay, a Canadian-based marine service company, will convert its 1988-built Aframax tanker Namsan Spirit at a shipyard in Singapore. After the conversion, the unit will be re-named Pattani Spirit and installed in 2Q 2004.

Unocal Thailand produces an average of 20,000 b/d of crude oil from its Gulf of Thailand fields. The fields have produced 8.5 MMbbl of light sweet crude since initial production in July 2001.

Unocal Thailand is the operator and holds 71.25% working interest in the Yala, Plamuk, and Surat fields. Its co-venturers are Mitsui Oil Exploration Co. Ltd. 23.75% and PTT Exploration and Production Public Co. Ltd. 5%. Unocal Thailand also operates the Platong and Kaphong fields, and holds a 70% working interest in those fields, while Mitsui holds 30%.

08/13/03

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