Thailand will delay the auctions of the concessions for the Erawan and Bongkot gas fields for at least another month, a senior official said on Oct. 2. The winners of the auction are expected to be named in 2018.
Chevron Corp. (NYSE: CVX) operates the Erawan field and state-owned PTT Exploration and Production operates the Bongot field under licenses set to expire in 2022 and 2023 respectively.
The fields have combined output of 2.2 billion cubic feet a day, about 76% of output from the Gulf of Thailand.
Mubadala Petroleum and Mitsui Oil Exploration are interested in bidding, Veerasak Pungrassamee, director-general of the mineral fuels department, told reporters.
Thai energy firms, Bangchak Corp. and Palang Sophon Ltd. were also invited to bid.
“The council of state is reviewing the production-sharing contract law that will be used for the Erawan and Bongkot fields and should conclude within one to two months,” Veerasak added.
Bidding will begin after the cabinet approves the law and auction terms, with winning bids expected to be announced six or seven months after the auction in the middle of 2018, he added.
In September, the energy ministry said the auction would begin in November and winning bids announced in April 2018.
Recommended Reading
As ONEOK Digests Magellan, Sets Stage for More NGL Growth in 2024
2024-02-28 - ONEOK is continuing the integration of its newly acquired Magellan assets in 2024 as the company keeps an eye out for M&A opportunities and awaits regulatory approvals for certain projects.
Dallas Fed Energy Survey: Permian Basin Breakeven Costs Moving Up
2024-03-28 - Breakeven costs in America’s hottest oil play continue to rise, but crude producers are still making money, according to the first-quarter Dallas Fed Energy Survey. The situation is more dire for natural gas producers.
Enterprise Buys Assets from Occidental’s Western Midstream
2024-02-22 - Enterprise bought Western’s 20% interest in Whitethorn and Western’s 25% interest in two NGL fractionators located in Mont Belvieu, Texas.
EIA: E&P Dealmaking Activity Soars to $234 Billion in ‘23
2024-03-19 - Oil and gas E&Ps spent a collective $234 billion on corporate M&A and asset acquisitions in 2023, the most in more than a decade, the U.S. Energy Information Administration reported.
Vital Energy's ‘Wildly Successful’ 2023 ‘Small Ball’ M&A Now in ‘Moneyball’ Mode
2024-02-23 - The operator added big runs in $1.6 billion of 2023 deals. Now Vital is looking to make more out of its hits via geology and geophysics, including steals “for free.” Still, it might pick up big consolidators’ cast-offs.