PTTEP confirms $2.9 billion capital budget for Bongkot
The consortium led by PTTEP confirmed a capital budget of more than $2.94 billion to further develop its offshore Bongkot gas structures.
By an OGJ correspondent
BANGKOK, Oct. 31 -- The consortium led by PTT Exploration & Production PCL (PTTEP) confirmed a capital budget of more than $2.94 billion to further develop its offshore Bongkot gas structures.
PTTEP Pres. Maroot Mrigadat announced the investment plan after the Thai Cabinet agreed to extend by another 10 years the group's rights to produce hydrocarbons from Blocks B15, B16, and B17, where Thailand's largest gas field is located. That allows PTTEP and partners Total SA and British Gas to continue producing gas and condensate from B15 from 2012 to 2022; from B16 from 2013 to 2023; and from B17 from 2008 to 2023.
The planned capital expenditure will go towards developing the northern and southern parts of the field, known as Greater Bongkot North (GBN) and Greater Bongkot South (GBS), which PTTEP said are high potential areas not being developed.
The immediate plan calls for the group to launch a seismic campaign in GBS during 2008-2011. Plans include building a production platform, living quarters platform, wellhead platforms, and drilling development wells at GBS in order to increase Bongkot's gas production volume by 300 MMcfd in 2011.
Bongkot has been in production since 1993 and is yielding 600 MMcfd of gas and 18,000 b/d, representing about 20% of Thailand's natural gas consumption.