News listings

energy-pedia licensing

Thailand flagThailand

Central & SE Asia / Australasia >>> Thailand

Thailand: PTTEP wins bid for Bongkot and Erawan fields


13 Dec 2018

Photo - see caption

PTT Exploration and Production (PTTEP) has confirmed its readiness to continue the operatorship in the Bongkot gas field and to become the operator in the Erawan field starting from 2022. The company will move forward with the field development plans to ensure continuity in natural gas supply for the country’s energy security.

Phongsthorn Thavisin, PTTEP Chief Executive Officer, refered to the Energy Ministry announcement regarding the bidding results of the expiring Bongkot and Erawan concessions that PTTEP has won the bids for both fields. PTTEP is committed to delivering benefits for the country as proposed.

'Throughout 20 years of experience in operating the Bongkot field, and as a joint venture partner in the Contract 3 project which covers major area of the Erawan field, PTTEP has accumulated a sound technical understanding of both fields. Our proposed development and investment plans will enable us to produce natural gas at the required production levels of at least 700 million cubic feet per day (MMSCFD) and 800 MMSCFD from the Bongkot and Erawan fields respectively during the Production Sharing Contract  regime. For the Bongkot field in which PTTEP is the existing operator, we are able to immediately invest to deliver the committed production level, while we have workplan and investment plan for the Erawan field during the operatorship transfer. We expect good support from the existing operator, the Department of Mineral Fuels and government agencies so that we can start the required activities immediately to ensure the continuity of natural gas supply,' said Phongsthorn

Through decades of operation, the Bongkot and the Erawan gas fields have proved certain amount of petroleum reserves. These insights assure PTTEP the potential of the fields and allow the company to better manage risks and operational costs comparing to the initial phase which involved more exploration activities and substantial amount of capital expenditure for one-time investment of production platforms. Our continuous efforts in operational improvement have led to further reduction in production cost. Being an operator in the Bongkot and Erawan fields will bring about more effective cost management from the operational synergy in the Gulf of Thailand and economy of scale from combined work scope such as procurement and logistics among both fields.

The aforementioned capabilities and readiness allow us to submit bid proposals with benefits to the country while maintaining an appropriate return on investment. PTTEP is determined to be the key player of petroleum exploration and production in Thailand, creating energy security for the country and delivering maximum benefits to the Thai people.

PTTEP submitted bid solely on the Bongkot field, and partnered with Mubadala Petroleum on  the Erawan gas block, with investment proportion of 60% and 40%, respectively. The Bongkot and Erawan gas fields are considered the vital indigenous sources of energy supply to Thailand with a combined natural gas production that accounts for 60% of total domestic outputs.

Original article link

Source: PTTEP





Bookmark and Share


A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Subscriber Only Deals

Current deals: 1677
Completed deals: 5109

Company Profiles

Current Company Profiles: 2629

Corporate Activity

Current Corporate Activity articles: 3198

Companies Looking

Current number of articles: 424

Company Sales

Current Company Sales articles:1324

Geostudies

Current Geostudies articles: 617

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

Government of South Australia
Bayphase
SLR Consulting logo
OPC
KL Publishing
Union Jack Oil 149
Geoespace
EP Consult Energies
Lynx Information Systems
RSK Logo 149
Rose & Assocs 149
count geophysics
energy365
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com