Bongkot's production period extended 10 years

Offshore staff

BANGKOK, Thailand -- The cabinet of Thailand has approved a 10-year production extension for the Bongkot field in the Gulf of Thailand.

Bongkot consists of blocks B15, B16, and B17. After extension, PTTEP can produce gas and condensate from block B15 until 2022 and from blocks B16 and B17 until 2023. The extension is expected to produce an income of more than $1.2 billion, according to PTTEP.

The extension will allow for additional spending in high-potential areas of Greater Bongkot North (GBN) and Greater Bongkot South (GBS), says Maroot Mrigadat, president of PTTEP. The first phase of GBS development will start in 2008 and continue through 2011.

PTTEP plans to build a production platform, accommodation platform, wellhead platforms, and drill development wells at GBS with the aim to increase production by 300 MMcf/d. At GBN, the company says it will carry out an exploration program.

Currently, Bongkot field produces approximately 600 MMcf/d of natural gas and 18,000 b/d of condensate (about 20% of national gas consumption in the country). GBS development will push Bongkot production capacity to approximately 900 MMcf/d of gas.

Bongkot field has been producing since 1993. The field is operated by PTTEP with 45% interest. The remaining stakes are owned by Total E&P Thailand Co. Ltd. (33%) and BG Asia-Pacific Pte. Ltd. (22%).

10/30/2007