Chevron Granted 10-Year Production Period Extension for Concessions in the Gulf of Thailand

Source: www.gulfoilandgas.com 10/29/2007, Location: Asia

Chevron Corporation announced that its subsidiary Chevron Thailand Exploration and Production, Ltd, its co-concessionaires and the Thai Ministry of Energy have signed an agreement to extend the production period of four offshore blocks in the Gulf of Thailand for an additional 10 years, from 2012 to 2022.

The extension of these leases in block numbers 10, 11, 12 and 13 facilitates Chevron's long-range plans to boost production from this area to more than 1 billion cubic feet of natural gas per day. The offshore blocks encompass Erawan, Satun, Funan, Banpot, Plamuk, Yala, Pla Daeng, and Platong operating areas in the Gulf of Thailand. Chevron has working interests in the operating areas within these blocks ranging from 60 percent to 80 percent.

Chevron's co-concessionaires in the blocks include Mitsui Oil Exploration Co., Ltd, and PTT Exploration and Production Public Company Limited.

Chevron operates more than 180 platforms in the Gulf of Thailand with 2006 total average daily production of more than 144,000 barrels of oil and condensate (73,000 net) and 1.6 billion gross cubic feet of gas (856 million net).

Chevron plans to invest $4 billion across its Asia-Pacific upstream and downstream businesses in 2007, which is approximately 20 percent of the company's worldwide capital budget. Historically, the company and its joint-venture partners have invested more than $12 billion in Thailand's oil and gas sector and paid the cumulative royalty of nearly $3.5 billion (1981 - 2006).


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