PTTEP Awarded Thai Concession Blocks

PTT Exploration and Production subsidiary PTTEP Thai Projects has been awarded concession Blocks G6/50, G7/50, and G8/50 by the Minister of Eenrgy.

Concession Block G6/50 covers an area of 494 square kilometers adjacent to Unocal 3 Project in the Gulf of Thailand. Chevron Petroleum (Thailand) Limited (the operator) holds 71.25% interest, Mitsui Oil Exploration Company Limited (Moeco) and PTTEP TP hold 23.75% and 5% interests respectively.

Concession Block G7/50 covers an area of 308 square kilometers adjacent to Pailin Project in the Gulf of Thailand. PTTEP TP holds 45% interest, Chevron (the operator) holds 35%, Hess Exploration (Thailand) Company Limited and Moeco hold 15% and 5% interests respectively.

Concession Block G8/50 covers an area of 122 square kilometers adjacent to Arthit Project in the Gulf of Thailand. PTTEP TP (the operator) holds 80% interest, Chevron and Moeco hold 16% and 4% interests respectively.

Regarded as marginal fields, the most appropriate development operation for Petroleum Concession Blocks G6/50, G7/50, and G8/50 is to use the existing facilities in Unocal 3 Project, Pailin Project, and Arthit Project, which will be commercially feasible and also raise the value of the whole projects," said PTTEP President Maroot Mrigadat in w written statement.

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