The Department of Mineral Fuels has awarded petroleum exploration and production licenses to Chevron Offshore Thailand and PTT Exploration and Production Plc (PTTEP), as part of efforts to increase gas supply from the Gulf of Thailand and reduce power bills over the long term.
The two firms, which met the minimum criteria set by the department for production-sharing contracts, will operate in three petroleum blocks: G2/65, which covers 15,030 square kilometers and was awarded to Chevron; and G1/65 and G3/65, covering a combined area of 20,133 sq km to be explored by PTT’s oil and gas drilling unit.
Chatit Huayhongtong, president of Chevron Thailand, said the company is ready to enter the area and conduct a seismic survey to find whether the block has potential for petroleum production.
The company believes it should discover gas in the area because it is adjacent to the Pailin block, a natural gas production site currently operated by Chevron.
Montri Rawanchaikul, chief executive of PTTEP, said new technology would accelerate exploration and production at the new petroleum sites, which would support plans to increase domestic gas supply, enabling Thailand to depend less on the import of liquefied natural gas (LNG).
Source: Bangkok Post
