Thailand's Energy Ministry Monday awarded concession rights for 13 onshore and offshore oil and gas blocks, which would see total investments in petroleum exploration and production of up to $118 million over the next six years.
Expected investments in petroleum exploration for a total of $71 million would be seen over the next three years. If oil and natural gas are found, additional investments of around $47 million will be made in petroleum production for the three years after that, the Department of Mineral Fuels said Monday in a statement.
Concession rights for two offshore blocks in the Gulf of Thailand were granted to Pearl Oil (Petroleum) for Block G2/50 and Sita Oil Exploration House Inc for Block G3/50, said the Department of Mineral Fuels.
For onshore blocks, rights were granted to Northern Gulf Oil (Thailand) for blocks L1/50 and L2/50, Salamander Energy (E&P) for Block L15/50, Tatex Thailand for Block L16/50, Auo Siam Marine for Block L18/50, Sita Oil Exploration House Inc for Block
L19/50, Carnarvon Petroleum and Sun Resources for Block L20/50, Pearl Oil (Resources) for Block 21/50, Adani Welspun Exploration Ltd. for Block L22/50 and Mitra Energy for Block L45/50 and Block L46/50.
These oil and gas blocks are part of the 56 onshore blocks and nine offshore blocks in the Gulf of Thailand, spanning 235,606 square kilometers, which are being offered in the 20th petroleum concession bidding round.
Companies have until May 2008 to submit bids for the other blocks. The Department of Mineral Fuels will evaluate each set of bids on the 15th of every month until the end of the bidding round on May 22, 2008.
Thailand, a net oil importer, currently produces around 640,000 barrels of oil equivalent a day of crude oil, condensate and natural gas.
Copyright (c) 2008 Dow Jones & Company, Inc.
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