The Cabinet has approved the results of the bidding for petroleum exploration and production at three new blocks in the Gulf of Thailand.
According to an official at the Department of Mineral Fuels, the winners of the bidding are PTT Exploration and Production (PTTEP) and Chevron Offshore (Thailand), with PTTEP winning blocks G1/65 and G3/65, and Chevron winning the bid for block G2/65.
The three blocks cover a total area of 34,163 square kilometers, with G1/65 and G3/65 covering 8,487 and 11,646 square kilometers, respectively, while block G2/65 spans 15,030 square kilometers. The Department of Mineral Fuels estimates that the exploration of the three blocks will require a capital spending of 1.5 billion baht.
Department of Mineral Fuels Director-General Sarawut Kaewtathip said the primary objective of the recently concluded bidding for petroleum exploration and production was to promote job creation, revenue generation for local communities, and stimulate the national economy. He affirmed that the bidding process was transparent, with four companies competing for the opportunity to explore and produce petroleum in the Gulf of Thailand.
Chevron Thailand Vice President Ronnarong Chanleka said the company plans to develop petroleum exploration and production at its awarded block to boost Thailand’s energy stability and to deliver clean energy so the country can achieve its net-zero carbon emissions goal by 2050.
The bidding for petroleum exploration and production in the Gulf of Thailand marks an important step forward in Thailand’s energy development plans, which aim to create jobs, revenue, and a sustainable energy future for the country. (NNT)