BANGKOK, 23 August 2012 – Thailand’s Petroleum Committee has approved to award 2 new concessions to energy companies, in hopes of boosting the country’s wealth.
Permanent Secretary to Energy and Chair of the Petroleum Committee Norkun Sitthiphong led a committee meeting for the month of August to discuss Thailand’s petroleum exploration and development in the past month.
At the meeting, the committee agreed to open 2 more petroleum fields after the feasibility study stated that both new fields have the potential for further development.
The first is the Dong Mun field of Apico (Korat) Company Limited, which covers the area of 31.91 square kilometers, with expected gas reserve of 96 billion cubic feet. The field is scheduled to begin production in 2015 and is anticipated to produce about 14 million cubic feet of natural gas per day.
The second field is the 118.1-square-kilometer West Pakarang field of Chevron Thailand Exploration and Production Limited, which is expected to have the gas reserve of 100 billion cubic feet and the crude reserve of 8.97 million barrels, with production to start in 2015 as well. If things go as planned, the field is projected to pump the maximum amount of 4,300 barrels of crude per day and 59 million cubic feet of natural gas per day.
According to Mr. Norkun, Thailand’s crude product stands at 849,144 barrels per day, or 43 percent of domestic demand.