The Thai unit of Total S.A. plans to invest around $1 billion to increase its oil and gas production from the Bongkot field in the Gulf of Thailand, head of Total E&P Thailand said Wednesday.
The investment will help increase oil and gas output from the Bongkot field by an average of 350 million cubic feet per day, Michael Sangster, president and general manager, told Dow Jones Newswires.
It will also extend the lifespan of the field, the country's largest natural gas resource, he added.
Total owns a 33.33% stake in the Bongkot field, while Thailand's PTT Exploration & Production PCL holds 44.44% and British Gas 22.22%.
Copyright (c) 2008 Dow Jones & Company, Inc.
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