Chevron extends production period for blocks off Thailand
Chevron Thailand E&P and its partners have signed an agreement with the Thai Ministry of Energy to extend for an additional 10 years the production period of four blocks in the Gulf of Thailand.
LOS ANGELES, Oct. 30 -- Chevron Thailand Exploration & Production Ltd. and its partners have signed an agreement with the Thai Ministry of Energy to extend for an additional 10 years the production period of four blocks in the Gulf of Thailand.
Chevron said the extensions—to 2022 from 2012—of the leases for Blocks 10, 11, 12, and 13 will facilitate the firm's long-range plans to boost production from the region to more than 1 bcfd of gas.
Khun Tara Tiradnakorn, president of Chevron Thailand E&P, said the area's development plan calls for "significant investments" to create opportunities for further offshore development and to boost recoverable reserves and production.
The offshore blocks encompass Erawan, Satun, Funan, Banpot, Plamuk, Yala, Pla Daeng, and Platong operating areas in the gulf, Chevron said, adding that it has 60-80% working interests in the operating areas within the blocks.
Chevron's interests come from leases formerly held by Unocal Corp. in the center of the gulf bounded by Thailand on the north and west and Cambodia and Vietnam on the east. Chevron acquired Unocal in 2005.
Chevron's partners in the four blocks include Mitsui Oil Exploration Co. Ltd. and PTT E&P PCL.
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