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Tuesday, February 27, 2024

Cabinet Approves Three Gulf of Thailand Oil Block Bids

The results of the auction for petroleum exploration and production at three additional blocks in the Gulf of Thailand have been approved by the Cabinet.

According to a Department of Mineral Fuels official, the bidding was won by PTT Exploration and Production (PTTEP) and Chevron Offshore (Thailand), with PTTEP receiving blocks G1/65 and G3/65 and Chevron obtaining block G2/65.

The three blocks comprise 34,163 square kilometers in size, with G1/65 and G3/65 comprising 8,487 and 11,646 square kilometers, respectively, and G2/65 encompassing 15,030 square kilometers. The Department of Mineral Fuels anticipates that the exploration of the three blocks will cost 1.5 billion baht in capital.

Sarawut Kaewtathip, Director-General of the Department of Mineral Fuels, stated that the major goal of the recently finished bidding for petroleum exploration and production was to encourage job creation, revenue generation for local communities, and national economic stimulation. He confirmed that the bidding procedure was open and transparent, with four businesses competing for the right to explore and produce petroleum in Thailand’s Gulf of Thailand.

Chevron Thailand Vice President Ronnarong Chanleka stated that the business intends to enhance petroleum exploration and production at its granted block in order to increase Thailand’s energy stability and offer clean energy so that the government may meet its net-zero carbon emissions target by 2050.

The bidding for petroleum exploration and production in Thailand’s Gulf of Thailand marks a key step forward in the country’s energy development goals, which aim to produce employment, income, and a sustainable energy future.

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february, 2024