Bongkot Field Production Extended for 10-Years
Total announces that the Thai authorities have approved the extension for ten years of the production period for Bongkot, the largest gas field in Thailand. Bongkot consists of Blocks B15, B16, and B17. With the extension, the Joint Venture partners are entitled to continue to produce gas and condensate from Block B15 until 2022 and from Blocks B16 and B17 until 2023.
Existing developments on Bongkot were concentrated in the northern part of the license (Greater Bongkot North). The Bongkot Field currently produces approximately 600 million cubic feet per day of natural gas and 18,000 barrels per day of condensate (about 20% of national gas consumption in Thailand). Three new gas discoveries should enter production in 2009 in the Greater Bongkot North (GBN) zone, allowing to extend the production plateau of GBN.
After the success of four delineation wells drilled in 2007 in the Greater Bongkot South (GBS) zone, the Government decision to extend the production period should enable to launch a new development on this area in 2008 after an agreement is reached on the commercial terms on gas sales.
This development will consist of a production platform, a living quarters platform and a number of wellhead platforms. It should increase the production volume by 300 million cubic feet per day, which will push Bongkot production capacity to approximately 900 million cubic feet per day at the beginning of the next decade.
Bongkot has been on production since 1993, it is operated by PTT Exploration and Production Plc. (PTTEP), with a 44.45% interest. The remaining stakes are owned by Total (33.33%) and BG Asia Pacific Pte. Limited (22.22%).
Total's upstream in Thailand:
The Group's primary asset in Thailand is the Bongkot gas and condensates field (33.33%) where its share of production reached 41,000 barrels of oil equivalent per day in 2006.
Total is also active in power and cogeneration in Thailand and owns 28 % of Easter Power and Electric Company Ltd (EPEC) which has operated since 2003 the combined cycle gas power plant of Bang Bo, with a capacity of 350 MW
Total Exploration & Production in the Asia-Pacific Region:
At 253,000 barrels of oil equivalent per day, the Asia-Pacific region accounted for 11% of the Group's total production in 2006. Total is primarily active in Indonesia, where it has operated the Mahakam block with partner Inpex since 1970 and is one of the country's leading producers of liquefied natural gas.
The Group recently strengthened and diversified its mining domain by taking new permits in Australia, Indonesia, Bangladesh and Vietnam. It also acquired a 24% stake in Australia's Ichthys LNG project, in partnership with Inpex, and signed a contract with China National Petroleum Corporation to appraise, develop and produce natural gas resources in the South Sulige block in China.
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