By an OGJ correspondent
BANGKOK, Oct. 4 -- The partnership of Thailand's PTT Exploration & Production PLC (PTTEP) and Malaysia's state oil firm Petronas has secured an additional production-sharing contract for newly defined Block B-17-01 on the natural gas-rich Thai-Malay continental shelf in the South China Sea.
The PSC calls for the 50:50 joint partners to spend at least $6 million in the first 5 years on geological and geophysical studies, seismic surveys, and the drilling of at least two exploration wells on the 3,475 sq km tract.
Block B-17-01 forms part of the area relinquished from Blocks A-18, B-17, and C-19—three blocks lying in a 7,250 sq km area in the Malaysia-Thailand Joint Development Area.
The Malaysia-Thailand Joint Authority has decided to give the partners the first priority in negotiating for the new block.
