Chevron, PTT offshore exploration bids get Cabinet approval
The Cabinet approved the results of the bidding for petroleum exploration and production at three new blocks in the Gulf of Thailand on Tuesday, an official at the Department of Mineral Fuels said.
The winners are PTT Exploration and Production (PTTEP) and Chevron Offshore (Thailand), department director-general Sarawut Kaewtathip said.
PTTEP won the bidding for blocks G1/65 and G3/65, while Chevron won the bid for block G2/65, Sarawut said.
Blocks G1/65 and G3/65 cover 8,487 and 11,646 square kilometres, respectively, while block G2/65 spans 15,030 square kilometres.
"The department estimated capital spending for the exploration of the three blocks at 1.5 billion baht," Sarawut said, adding that the bidding process had been transparent, with four companies competing.
"The bidding aimed to promote petroleum exploration and production to create jobs and revenue for local communities, as well as stimulate the national economy," Sarawut said.
Chevron is pleased to win the exploration and production bid for block G2/65, said Chevron Thailand vice president Ronnarong Chanleka.
"We believe that we can develop petroleum exploration and production at block G2/65 to boost Thailand's energy stability," he said, adding that the company will also deliver clean energy.
Chevron will help Thailand achieve its net-zero carbon emissions goal by 2050, he said.
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