Thai PTTEP To Bid For Bongkot Natural Gas Field Concession

Reuters

BANGKOK, June 1 (Reuters) - Thailand's PTT Exploration and Production Pcl said on Wednesday it will bid to operate the Bongkot natural gas field as the Thai government plans to put expiring petroleum contracts up for auction in the next 12 months.

However, the country's largest oil and gas explorer has not made a decision to bid for the right to operate the Erawan field where Chevron Corp holds concession contracts, chief executive Somporn Vongvuthipornchai told a news conference.

Contracts for the two offshore gas fields are due to expire in 2022 and 2023. They have combined production of 2.2 billion cubic feet per day, or 76 percent of output in the Gulf of Thailand.

PTTEP, which owns 44.4 percent of the Bongkot field, is keen to buy a 22.22 percent stake in the field from BG Group, which was acquired by Royal Dutch Shell earlier this year, Somporn said.

The Bongkot field contributes about 20 percent of the company's production, he said.

PTTEP, the flagship upstream business of state-owned energy company PTT Pcl, is also keen to buy assets in Thailand and Southeast Asia that are up for sale by oil and gas majors hit by weak global oil prices, Somporn said.

Among them is the Arthit field in the Gulf of Thailand, which is 16 percent owned by Chevron and 80 percent owned by PTTEP, he said.

(Reporting by Manunphattr Dhanananphorn; Writing by Khettiya Jittapong; Editing by Christian Schmollinger)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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