Bongkot’s Production Period Extended for 10-Years
The Cabinet has approved production period extension for Bongkot, the largest gas field in Thailand and operated by PTT Exploration and Production, for ten years.
Bongkot consists of 3 Blocks, B15, B16, and B17. After extension, PTTEP can produce gas and condensate from Block B15 until 2022 and from Blocks B16 and B17 until 2023.
The Cabinet gave the extension at its weekly session on October 16, 2007. The extension is expected to bring an income of more than 40,000 million baht to the Government in the form of royalty, tax, and remuneration, during the extended period.
PTTEP President, Mr. Maroot Mrigadat, said that the extension makes it possible for the company and its partners to make additional spending of more than 100,000 million baht in Greater Bongkot North (GBN) and Greater Bongkot South (GBS) which is high potential area but not being developed. The first phase of GBS development will start next year and continue until 2011.
The company plans to build a production platform, a living quarter platform, wellhead platforms and drill development wells at GBS with the aim to increase the production volume by 300 million standard cubic feet per day (MMSCFD). Meanwhile, at GBN, PTTEP will further conduct exploration/appraisal program and develop the discovered structures. More wellhead platforms and more development wells are needed for GBN.
At present, Bongkot Field produces approximately 600 MMSCFD of natural gas and 18,000 barrel per day of condensate (about 20% of national gas consumption in the country). GBS development will push Bongkot production capacity to approximately 900 MMSCFD.
Bongkot Field has been on production since 1993. The field is operated by PTTEP with 44.4445% interest. The remaining stakes are owned by Total E&P Thailand Company Limited (33.3333%) and BG Asia Pacific Pte. Limited (22.2222%).
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