PTTEP Signs Bongkot Gas Sales Agreement
On July 13th PTTEP and its joint venture partners as the sellers and PTT Public Company Limited as the buyer signed the fourth amendment of the Bongkot Gas Sales Agreement, and a Side Agreement for additional gas sales from the Bongkot Project. The details are as follows:
- The Development Area as described in the existing GSA (an area of 1,586 square kilometers) will be expanded to cover the current total Concession Area of the Bongkot Project (an area of 3,200 square kilometers).
- PTT will purchase an additional gas volume of 61 Billion cubic feet (an average of approximately 50 million cubic feet per day) during the period from April 1, 2005 to October 1, 2008.
- The joint venture partners will make an up-front payment to PTT to the amount of Baht 1,000 million (PTTEP's portion is of approximately Baht 444 million) on the signing date of the Amendment.
PTT Exploration and Production Public Company Limited is the Operator and has a 44.4445% participation interest in the Bongkot Project, located in the Gulf of Thailand. The other joint venture partners are Total E&P Thailand, and BG Asia Pacific PTE Ltd., which have 33.3333%, and 22.2222% participation interests respectively.
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