Wednesday, May, 29, 2024 01:18:53

The California-based oil and energy company Chevron Corporation and PTT Exploration & Production (PTTEP) are reportedly set to compete at an auction for the Erawan and Bongkot petroleum concessions. Reports claim, the two organizations have already submitted their bids to the government of Thailand.

Reportedly, Thailand’s Department of Mineral Fuels has claimed that it has received a joint bid from Chevron and its partner Mitsui Oil Exploration for the Erawan (G1/61) concession. This bid would be facing up against a bid made by the local company PTTEP and Mubadala Petroleum, its partner from UAE.

According to a report by the Bangkok Post, PTTEP has also made a solo bid for the Bongkot (G2/61) concession via its subsidiary PTTEP Energy Development. Reportedly, the solo bid would be competing against the joint offer of Chevron and Mitsui as well.

Reports claim that the French Petroleum refining company Total S.A., which possesses a 33.3% stake in the Bongkot site, had earlier submitted an intent to bid at the auction. However, the company did not submit any bids, cite sources.

For the record, the state-backed PTTEP currently operates the Bongkot concession while Chevron currently operates the Erawan (G1/61) gas block. However, contracts of both the firms are nearing their expiration dates.

President of Chevron Thailand Exploration and Production, Pairoj Kaweeyanun reportedly stated that the company is bidding on both the G1 and G2 sites as it is extremely confident of its capabilities in the region. Kaweeyanun further added that the company expects to win the auctions as energy policymakers of Thailand have seen the work of Chevron for decades.

Reportedly, the Erawan and Bongkot gas fields have a total output of around 2.1 billion cubic feet per day of gas. According to Veerasak Pungrassamee, Head of Thailand’s Department of Mineral Fuels, winners of the auctions would be approved in December by the cabinet.