Loyz Energy to buy stake in Thai licenses

Loyz Energy Ltd., Singapore, has agreed to buy 20% interests in three onshore license areas under development in Thailand.

The seller is Carnarvon Thailand Ltd., a subsidiary of Carnarvon Petroleum Ltd., Perth, which now holds a 40% interest. Loyz Energy will pay $65 million.

The SW1, L44/43, and L33/43 production licenses, about 300 km north of Bangkok, produce 1,200-1,400 b/d of oil (OGJ Online, May 28, 2009). Loyz Energy said operator ECO Orient Energy (Thailand) and ECO Orient Resources (Thailand), plans to boost production to 3,000 b/d in June and 5,000 b/d by December.

Loyz Energy said ECO Orient has drilled three wells on the licenses so far this year in a 15-well program. All three wells had oil shows and await test results.

Proved and probable reserves, according to a December 2012 assessment by Chapman Petroleum Engineering Ltd. for the operator, are 29.3 million bbl of oil.

Carnarvon said activity last year included drilling of eight development wells across all the areas, the start of water injection on the L33/43 license, and the acquisition of 100 sq km of 3D seismic data.

ECO Orient bought its 60% interest in the concessions in 2012 from Pan Orient Energy Corp., Calgary.

Related Articles

Market watch: Energy futures prices rose slightly Friday

05/06/2002 Crude oil futures prices rose slightly Friday amid lingering uncertainty about a possible disruption of Middle East supplies, although tensions in ...

Gulf of Mexico oil service sector showing signs of an upturn

05/06/2002 The Gulf of Mexico oil service sector is experiencing the signs of an upturn, analysts with Simmons & Co. International, UBS Warburg LLC, and RBC D...

OTC: Industry, national agencies need to work together to make FPSOs work in the gulf

05/06/2002 Over the coming years, the oil and gas industry will have to keep an open line of communication with national agencies such as the US Coast Guard a...

Market watch: Energy futures prices fall as Iraq lifts embargo

05/07/2002 Crude oil futures prices fell Monday after Iraq announced plans to lift a self-imposed export embargo with exports expected to resume by Wednesday.

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected