The Ministry of Energy has signed a contract with two companies that have been granted exploration and production rights for three blocks in the Gulf of Thailand, as part of measures to enhance Thailand’s long-term energy security.
Caretaker Deputy Prime Minister and Energy Minister Supattanapong Punmeechaow presided over the signing of the production sharing contract (PSC) with PTTEP Energy Development Company Limited (PTTEP ED) and Chevron Offshore Thailand Limited, which were awarded the rights on March 7.
PTTEP ED has been granted exploration and production rights for blocks covering a combined area of 20,133 square kilometers. Chevron Offshore was meanwhile given the rights to a block spanning an area of 15,030 square kilometers. This marks the 24th PSC signing in Thailand.
The energy minister highlighted that this granting of exploration and production rights will stimulate investments in petroleum exploration and related developments over a six-year period, with an expected economic value of no less than 1.5 billion baht.
Additionally, Thailand will receive benefits such as a contract signing bonus, which will be utilized for petroleum-related development in the country, as well as other fees totaling 640 million baht. (NNT)
