PTTEP Signs Exploration and Production Rights Agreement for 2 New Petroleum Fields in the Gulf of Thailand

31 May – Department of Mineral Fuels Signed a Production Sharing Contract (PSC) with the Petroleum Exploration and Production Company in the Gulf of Thailand No. 24 under the Production Sharing Contract System for 3 blocks after Thailand did not grant the right to explore and produce petroleum in the area. It has been new for 16 years and is expected to generate investment in petroleum exploration for 6 years in the amount of not less than 1,500 million baht, including special benefits of approximately 640 million baht. It will generate income for the state in the form of royalty. Petroleum Income Tax and share of profitable petroleum by PTTEP Energy Development Company Limited, a subsidiary of PTT Exploration and Production Public Company Limited or PTTS P. is entitled to 2 plots, numbered G1/65 and G3/65, with a total area of 20,133.87 square kilometers.

Mr. Montri Lawanchaikul PTTEP Chief Executive Officer said that the company is ready to explore and develop the two petroleum fields with knowledge and expertise accumulated over 38 years, both of which are close to the exploration block's project. G1/61 and G2/61 that PTTEP is already operating This makes it possible to develop projects quickly. To be a source of energy for economic development and building stability creates benefits for Thailand in the long run And getting the right this time is the strategy of the company that focuses on investing in the region that is the main strategic area. It will increase the opportunity for development. It can be commercialized quickly and helps to manage costs for maximum benefit.

Mr. Supattanapong Phanmeechaow, Deputy Prime Minister and Minister of Energy It also said the energy ministry would continue to monitor energy prices while waiting for the new government to be formed. As for the variable electricity price for the next period, September-December, the cost tends to decrease due to the continual decrease in the price of spot LNG liquefied natural gas or Spot LNG. G1/61 or the same Erawan as the target It will be able to increase production in July to 400 million cubic feet per day, in December to 600 million cubic feet per day and in April to 800 million cubic feet per day. How much will the electricity bill be reduced? The Energy Regulatory Commission or ERC will consider it. – Thai News Agency

Source: Thai News Agency

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