Terms of auction for exploration rights changed
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THE Mineral Fuels Department has revised the terms of reference for the 21st auction of oil and gas exploration and production rights to allow bidders to choose either a concession or a production-sharing contract.
According to the old terms of reference, the G3, G5 and G6 blocks in the Gulf of Thailand were under the production-sharing scheme and the remaining 26 blocks were under the Thailand III Plus scheme.
The department is waiting for the completion of the amendment of two petroleum laws before issuing invitations to bid.
Puangthip Silpasart, director-general of the department, said yesterday she believes this new method would be acceptable to all parties.
The draft laws are at the Cabinet Secretariat, which will soon table them with the National Legislative Assembly.
Puangthip said she could not tell how long it would take for the legislature to finish vetting the bills.
Energy Minister Narongchai Akrasanee said it should be admitted that the blocks available for bidding do not have enough potential to lure giant petroleum companies, so the government cannot expect them to yield greater benefits.
