Thai licensing round due in June

Thailand will open its 21st round of bidding for offshore oil and gas licences in June, according to Energy Minister Siri Jirapongphan.

The official said terms will be production-sharing with 25% ownership reserved for Thai state enterprises, the Bangkok Post reported.

Mr Jirapongphan spoke at the signing by PTTEP Energy Development Company Ltd of PSCs covering Erawan and Bongkot natural gas fields in the Gulf of Thailand.

Those contracts became available as concession expirations approached for Erawan in 2022 and Bongkot in 2023.

PTTEP is the current Bongkot operator and will be sole stakeholder. It will replace a Chevron subsidiary as Erawan operator with a 60% interest. Mubadala Petroleum holds the remaining Erawan interest.

The Thai company has committed to holding production at 800 MMcfd at Erawan and 700 MMcfd at Bongkot.

The 21st licensing round had been scheduled in 2014 but was delayed by an economic lull and political instability.

Thailand closed its 20th licensing round in 2008.

Source: Oil & Gas Journal