Agreement Signed for Sale of Gas from Phu Horm
Amerada Hess reports that an agreement has been signed for the sale of gas from the Phu Horm Field, located onshore in Northeast Thailand. Amerada Hess is the operator and currently holds a 35% interest in the Phu Horm concessions with partners APICO (35%), PTT (20%) and ExxonMobil (10%).
The Gas Sales Agreement (GSA) provides for the supply of in excess of 500 billion cubic feet of natural gas from the Phu Horm Field over a 15 year period. The gas will be purchased by PTT Public Company Limited and delivered to the gas-fired power station at Nam Phong. First gas is expected to be delivered before the end of 2006 at an initial rate of approximately 80 million cubic feet per day (gross), increasing gradually to an expected rate of in excess of 100 mmcf/d.
Commenting on the signing, Malcolm Maclean, Vice President, said
"We are pleased to have signed this agreement which paves the way for
the development of Phu Horm, our first operated development in
Thailand. Amerada Hess is steadily building a significant position in
the Southeast Asia gas market and this development will be an
important addition to our portfolio."
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