Extension in Bongkot Concession for 10 years

abarrelfullabarrelfull wrote on 04 Mar 2015 07:52

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October 22, 2007

Reference is made to Bongkot Project; consisting of concession number 5/2515/9 (block 15) and number 3/2515/7 (blocks 16&17), located in the Gulf of Thailand and operated by PTT Exploration and Production Public Company Limited (PTTEP), PTTEP and other joint venture partners; Total E&P Thailand and BG Asia Pacific PTE Ltd, are holding participation interests of Bongkot Project at 44.4445%, 33.3333%, and 22.2222%, respectively.

PTTEP wishes to announce that on October 16, 2007 the Cabinet has approved the Extension of Production Period for 10 years for both concessions of Bongkot Project. Subsequently, the production period of Concession number 5/2515/9 and Concession number 3/2515/7 will expire on April 23, 2022 and March 7, 2023, respectively. In addition to the benefits that government will receive according to the term and condition of the Petroleum Act B.E. 2514 and Petroleum Income Tax Act B.E. 2514 (Thailand I), the government will also be reciprocated with the signature bonus and the remuneration for production period extension of the rate between 2% - 6% of petroleum sales values based on cumulative sales volume.

The Bongkot extension will enable PTTEP to develop and explore other areas in the concessions for the long-term benefit Thailand.

Bongkot, which has been on production since 1993, is the biggest gas field in the gulf of Thailand. Currently, Bongkot Project produces approximately 600 MMSCFD of natural gas and 18,000 barrels per day of condensate.

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