15 May 2007 - 12:41
  • News Code: 104710

BANGKOK -- A group of companies led by Chevron Offshore (Thailand) Ltd. will start oil production from Block G4/43 in the northern Gulf of Thailand by yearend. The block is 125 miles south of Bangkok.

Production of an initial 6,000-8,000 b/d of oil will come from Lanta field, one of the two oil and gas-bearing structures found in the 9,686-sq-km tract, which lies in less than 250 ft of water off Prachuab Khiri Khan province.

 

The Lanta No. 1 exploration well and the Lanta No. 2 appraisal well were drilled 3 years ago (OGJ Online, July 22, 2004). Since the concession was awarded in July 2003, six exploration wells have been drilled in the Lanta and Similan structures.

 

The group is preparing to drill a development well as part of the Lanta development plan, which was approved by the Thai Energy Ministry, according to Thailand"s PTT Exploration & Production PLC, a partner.

 

PTTEP has exercised its right to raise its stake in Block G4/43 to 21.375% from 15% following the declaration of commerciality of Lanta. As a result, Chevron"s share in the block was reduced to 51% from 60%, Mitsui Oil Exploration Co."s holding drops to 21.25% from 25%, and Bangkok-based Palang Sophon Two Ltd. holds the remaining 6.375%.

 

PIN/OGJ.COM

News Code 104710

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