THURSDAY, March 28, 2024
nationthailand

Chevron+Apico win petroleum concessions

Chevron+Apico win petroleum concessions

Thailand's Petroleum Committee today awarded two petroleum production concessions to Chevron Thailand Exploration and Production Co Ltd and Apico (Korat) Co Ltd, which could generate about Bt13 billion to the country.

 

 
 
 
 
In the meeting chaired by Energy Permanent Secretary Norkun Sitthiphong, the committee said that the concessions were approved as the exploration companies' survey confirmed petroleum potential of the two fields.
    
Chevron's concession for West Pakarang field in the Gulf of Thailand will cover 118.1 square km, with expected gas reserves of about 100,000 million cubic feet as well as 8.97 million barrels of crude and condensate. The production is scheduled to begin in 2015, to pump about 4,300 barrels of crude per day and 59 million cubic feet per day (mcfpd). Chevron expects to invest about Bt19 billion in the project and reap 43 per cent from the investment. Thailand stands to benefit about Bt10.2 billion from this project or 57 per cent. 
 
Apico (Korat) concession in Dong Mun field covers 31.91 square km, with expected gas reserves of 96 billion cubic feet. When the production can begin in 2015, it is expected to churn out about 14 million cubic feet of natural gas per day. Apico will invest about Bt6.77 billion in this project and reap 40 per cent from the investment. Thailand stands to benefit about Bt3.095 billion from the project or 60 per cent. 
 
The committee at the August meeting was informed that in the previous month, Thailand's petroleum production reached 849,144 barrels of crude oil equivalent per day, or 43 per cent of total domestic demand. Of total, natural gas accounted for 3,532 mcfpd, liquefied natural gas 96,904 barrels a day, and crude oil 145,194 barrels per day.  
In the first 7 months, royalty fee from petroleum production topped Bt42.3 billion, an increase of 18 per cent from the same period last year, according to the Natural Fuels Department.
Gas volume from the Thai-Malaysian joint development area in July reached 1,259 mcfpd (about 736 mcfpd going to Thailand) while LNG reached 15,825 barrels a day. In the first 7 months, the value of the products from this area hit Bt8.777 billion, which was 14 per cent higher on year. 
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