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.
Recommended Reading
TotalEnergies Starts Production at Akpo West Offshore Nigeria
2024-02-07 - Subsea tieback expected to add 14,000 bbl/d of condensate by mid-year, and up to 4 MMcm/d of gas by 2028.
US Drillers Add Oil, Gas Rigs for Third Time in Four Weeks
2024-02-09 - Despite this week's rig increase, Baker Hughes said the total count was still down 138 rigs, or 18%, below this time last year.
NAPE: Turning Orphan Wells From a Hot Mess Into a Hot Opportunity
2024-02-09 - Certain orphaned wells across the U.S. could be plugged to earn carbon credits.
Sangomar FPSO Arrives Offshore Senegal
2024-02-13 - Woodside’s Sangomar Field on track to start production in mid-2024.
NAPE: Chevron’s Chris Powers Talks Traditional Oil, Gas Role in CCUS
2024-02-12 - Policy, innovation and partnership are among the areas needed to help grow the emerging CCUS sector, a Chevron executive said.