PTTEP Granted Approval to Participate in Offshore Block G4/48
Reference is made to the 19th Petroleum Concession Bidding Round of the Department of Mineral Fuels. PTTEP has been granted approval to participate in the Petroleum Concession Block G4/48.
An official signing ceremony between the Ministry of Energy and PTTEP (Thailand) Limited together with the consortiums takes place on July 24, 2009. Concession Block G4/48, covering an area of approximately 504 square kilometers, is adjacent to Unocal 3 Project in the Gulf of Thailand. Chevron Pattani Limited (the operator) holds 71.25% interest, Mitsui Oil Exploration Company Limited (Moeco) and PTTEP (Thailand) Limited hold 23.75% and 5% interests respectively.
Regarded as a marginal field, the most appropriate development operation for Petroleum Concession Block G4/48 is to use the existing facilities in Unocal 3 Project. This plan will make the Block G4/48 commercially feasible and also raise the economics of both projects.
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