Offshore staff

BANGKOK, Thailand -- Thailand's Energy Ministry plans to auction 65 blocks in May 2007, including nine offshore leases. The country hopes to draw a large number of bidders in light of rising oil prices and its amended petroleum law.

"We are committed to further promote petroleum exploration for energy security," said Energy Minister Piyasvasti Amranand, announcing the 20th bidding round in Bangkok.

The Ministry also is amending the petroleum law to offer incentives and fix royalty fees for marginal fields, especially those with smaller yields. The amended law would focus on drilling-rig removal/de-commissioning.

The Council of State is expected to complete the review of the law, which would accelerate the licensing process for exploration and production activities, by May.

Oil companies now operate 40 fields, including 21 in the Gulf of Thailand.

4/24/2007