BANGKOK - Thailand has granted production rights in two fields to Chevron Petroleum (Thailand) and Apico (Korat) Ltd., Songpope Polachan, director-general of the Department of Mineral Fuels, told reporters Wednesday.
Chevron won production rights in the Pakarang oil and gas field, covering 118.1 square kilometers in the Gulf of Thailand.
Mr. Songpope estimates Chevron will invest 19 billion baht ($604.9 million) in developing Pakarang, which is expected to start producing oil and gas in 2015.
The field is expected to produce 4,300 barrels per day of crude oil and 59 million standard cubic feet a day of natural gas.
Apico has been granted production rights in the Dong Mun gas field, covering 31.91 sq. km in northeast Thailand, he said, adding that Apico is expected to invest THB6.77 billion in the project.
Dong Mun will commence production in 2015 with an output capacity of 14 mmscf/d.
Copyright (c) 2012 Dow Jones & Company, Inc.
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