PTTEP takes control of offshore blocks in Thailand

PTT Exploration and Production Public Company has successfully acquired majority stakes in blocks G1/61 and G2/61 in the Gulf of Thailand, the Thai NOC announced on Monday.

The state-run company now holds a 60% stake in the G1/61 block, which contains the Erawan field. Mubadala Petroleum holds the remaining shares.

The G2/61 block is now fully owned by the NOC. The play contains the Bongkot field.

Previous stakeholders Chevron and TotalEnergies divested their equity in Erawan and Bongkot plays respectfully.

Average gas production from the Erawan field is 10.7 mcm (376 mcf) per day, with plans to raise production to 22.7 mcm (800 mcf) per day by April 2024.

The development plan includes 8 wellhead platforms and subsea pipeline installation, drilling of 183 production wells and installing two drilling rigs for an additional 52 production wells in place.

The company claims the project is two years behind its production plan due to the NOC being unable to access the site.

Development of the Bongkot field remains on schedule, with plans to produce 19.8 mcm (700 mcf) per day of gas. Expected date of completion for this project was not disclosed.