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Thailand’s PTTEP to invest almost $32 billion in Erawan and Bongkot fields

27 February 2019 , 12:09Neftegaz.RU488

Bangkok, February 27 - Neftegaz.RU. Thailand’s PTTEP officially signed production sharing contracts for the Erawan and the Bongkot fields. PTTEP said it planned to invest $31.96 billion in this fields to safeguard the production volumes of at least 700 mln cubic feet per day (MMSCFD) and 800 MMSCFD, respectively.

 

The investment includes the drilling campagin of the exploration and production wells and the construction of additional wellhead platforms, for examples.

 

For the Bongkot, in which PTTEP is the existing operator, the company said it would continuously invest in the project, «while immediately executes the plan for transition of operations in the Erawan field.»

 

The Erawan field is still operated by Chevron, but PTTEP said it would from now collaborate with the Department of Mineral Fuels and the existing operator to confirm the smooth operatorship transfer in 2022.

 

PTTEP said that having the Erawan field in its portfolio would contribute higher gas production volumes as well as increased revenues.

 

«Importantly, PTTEP expects to bring down the operational costs of approximately 20-25% by cost optimization from the operating synergy in both fields in general administration, drilling, wellhead platform construction and installation, logistics and procurement,» PTTEP said.

 

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