Thailand will delay the auctions of the concessions for the Erawan and Bongkot gas fields for at least another month, a senior official said on Oct. 2. The winners of the auction are expected to be named in 2018.
Chevron Corp. (NYSE: CVX) operates the Erawan field and state-owned PTT Exploration and Production operates the Bongot field under licenses set to expire in 2022 and 2023 respectively.
The fields have combined output of 2.2 billion cubic feet a day, about 76% of output from the Gulf of Thailand.
Mubadala Petroleum and Mitsui Oil Exploration are interested in bidding, Veerasak Pungrassamee, director-general of the mineral fuels department, told reporters.
Thai energy firms, Bangchak Corp. and Palang Sophon Ltd. were also invited to bid.
“The council of state is reviewing the production-sharing contract law that will be used for the Erawan and Bongkot fields and should conclude within one to two months,” Veerasak added.
Bidding will begin after the cabinet approves the law and auction terms, with winning bids expected to be announced six or seven months after the auction in the middle of 2018, he added.
In September, the energy ministry said the auction would begin in November and winning bids announced in April 2018.
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