Cabinet greenlights Gulf of Thailand petroleum concessions
The Cabinet on Tuesday approved concessions for three oil and gas fields in the Gulf of Thailand, namely Ton Coon Nuea, Bualuang and Wassana.
Government spokesman Jirayu Huangsap said it also greenlighted the Energy Ministry’s proposal to transfer 33.33% of the concession for Ton Coon Nuea’s G12/48 field from TotalEnergies EP Thailand to PTTEP International, giving PTTEP 100% control over the field.
The G12/48 field is projected to generate 10 million cubic metres of natural gas and 164 barrels of liquefied natural gas daily, until March 14, 2035.
The Cabinet meanwhile acknowledged Bualuang's B8/38 field concession extension for Medco Energi Thailand (Bualuang) to October 23, 2035. The oil field has a production capacity of 46.2 million barrels.
Medco (Bualuang) has proposed petroleum exploration-production and benefits for the public sector worth 672 million baht. These include a study on carbon capture and storage, an increase in oil production capacity and boosting water management.
The Cabinet also approved transferring 11% of the concession for Wassana’s G10/48 field from Palang Sophon to Valeura Energy (Thailand). As a result, Valeura Energy (Thailand) gains 75% of the concession on the G10/48 field until December 7, 2035.
The Energy Ministry expects the concession transfer to benefit oil reserve development and generate revenue for the public sector, Jirayu said.
Separately, a Government House source said TotalEnergies EP Thailand has expressed interested in concessions for petroleum fields in the Andaman Sea. The Energy Ministry is due to open bidding on the Andaman concessions in the middle of 2025.
