By an OGJ correspondent
BANGKOK, June 29 -- Thailand's state-owned PTT Exploration & Production PLC (PTTEP) is set to spend $38 million over the next 5 years for exploration on the 2,264-sq-km Block 58 in southwestern Oman.
The terms were disclosed after PTTEP won the exploration and production-sharing agreement for the block with Oman's Ministry of Oil and Gas (OGJ Online, Apr. 12, 2006).
The commitment encompasses geological and geophysical studies, seismic surveys, and drilling in a two-stage program.
PTTEP holds a 100% interest in Block 58, its second venture in Oman. The Omani government reserves the right to a 20% interest if a commercial discovery is made.
PTTEP plans to put on stream Shams-4 oil, gas, and condensate field on Block 44, a 1,162 sq km tract 300 km west of Muscat.
