Abu Dhabi’s Mubadala Petroleum said on Feb. 26 it has signed the production-sharing contract (PSC) with its partner PTTEP Energy Development Co. for an offshore block containing the Erawan producing gas field in Thailand.
The current block G1/61 concession will expire in April 2022, and PTTEP Energy Development Co., a subsidiary of PTT Exploration and Production Pcl, will then assume operational control.
The Thai firm will hold a 60% participating interest, and Mubadala Petroleum will hold the balance in the PSC for the block, Mubadala Petroleum said in a statement.
PTTEP said a PSC was also signed for the G2/61 Field, also called the Bongkot Field. PTTEP is currently the operator of the field.
In a news release, PTTEP said it plans to invest about THB 1 trillion (US$31.9 billion)
“From 2022 onward, about 80% of the natural gas production in the Gulf of Thailand will be under our operations,” PTTEP CEO Phongsthorn Thavisin said in the release. “This means PTTEP will become the largest producer of natural gas in the country, demonstrating our success in carrying out the mission to establish energy security to Thailand.”
Hart Energy staff contributed to this report.
Recommended Reading
Marketed: Williston, Powder River Basins 247 Well Package
2024-03-11 - A private seller has retained EnergyNet for the sale of a Williston and Powder River basins 247 well package in Sheridan, Montana, Burke and McKenzie counties, North Dakota and Campbell County, Wyoming.
Marketed: Onyx Resources 23 Well Package in Texas
2024-03-25 - Onyx Resources has retained EnergyNet for the sale of a 23 well package plus 1,082.81 net leasehold acres in Archer, Clay, Fisher, Jones, Kent, Stephens, Taylor and Young counties, Texas.
Marketed: Bendel Ventures 73 Well Package in Texas
2024-03-05 - Bendel Ventures LP has retained EnergyNet for the sale of a 73 well package in Iron and Reagan counties, Texas.
Marketed: EnCore Permian Holdings 17 Asset Packages
2024-03-05 - EnCore Permian Holdings LP has retained EnergyNet for the sale of 17 asset packages available on EnergyNet's platform.
Marketed: Ascent Resources- Utica 96 Well Package in Ohio
2024-03-12 - Ascent Resources- Utica LLC and Ascent Utica Minerals LLC has retained EnergyNet for the sale of a non-operated 96 well package in Belmont, Guernsey, Harrison, Jefferson and Noble counties, Ohio.