Abu Dhabi’s Mubadala Petroleum said on Feb. 26 it has signed the production-sharing contract (PSC) with its partner PTTEP Energy Development Co. for an offshore block containing the Erawan producing gas field in Thailand.
The current block G1/61 concession will expire in April 2022, and PTTEP Energy Development Co., a subsidiary of PTT Exploration and Production Pcl, will then assume operational control.
The Thai firm will hold a 60% participating interest, and Mubadala Petroleum will hold the balance in the PSC for the block, Mubadala Petroleum said in a statement.
PTTEP said a PSC was also signed for the G2/61 Field, also called the Bongkot Field. PTTEP is currently the operator of the field.
In a news release, PTTEP said it plans to invest about THB 1 trillion (US$31.9 billion)
“From 2022 onward, about 80% of the natural gas production in the Gulf of Thailand will be under our operations,” PTTEP CEO Phongsthorn Thavisin said in the release. “This means PTTEP will become the largest producer of natural gas in the country, demonstrating our success in carrying out the mission to establish energy security to Thailand.”
Hart Energy staff contributed to this report.
Recommended Reading
Q&A: EnCap’s Thielemann: Private Equity ‘Survivors’ Poised to Thrive
2023-03-21 - EnCap private equity veteran Brad Thielemann discusses the role of private equity in traditional oil and gas investing — including the need to ramp up investments to meet demand — as well as its trajectory for financing the transitions ahead.
Brazos Midstream Bets on the Permian’s Prowess
2023-04-19 - Brazos Midstream leadership reckons there will come a time where entering the public sphere makes sense, but for now, Brazos’ strategy reaps the rewards of private perspective.
Brad Gray on Diversified’s Strategy Past Appalachia [WATCH]
2023-03-30 - Diversified Energy’s Brad Gray sat down with Pietro Pitts at Hart Energy’s DUG Haynesville Conference in Shreveport to talk about what Diversified is doing to set itself apart from other E&Ps and future plans as the company expands outside of the Appalachian Basin.
Top 15 Private E&Ps in the Midcontinent, Gulf Coast
2023-05-23 - The leading private E&Ps in the Midcontinent and Gulf Coast, according to research from Enverus.
Private Equity Returns to Oil and Gas Industry
2023-04-22 - As private equity firms return to upstream oil and gas, firms might raise up to $15 billion for oil and gas upstream, but the industry could use up to $25 billion, experts said.