Unocal, co-venturers outline spending plan for Thailand

Unocal Thailand Ltd. and its co-venturers said March 3 that they expect to invest nearly US$300 million on crude oil and natural gas projects in 2003 to support Thailand’s drive to reduce imported energy. Randy Howard, Unocal Thailand’s president, said that Unocal Thailand is focused on three key areas in 2003: exploring for additional oil and gas resources in the Gulf of Thailand, supporting the efforts of PTT Exploration and Production Public Co. Ltd. to develop the Arthit gas field in the Navamindra Production Area, and expanding crude oil production.

In 2002, Unocal Thailand gathered additional seismic data to prepare for expanded exploration activities in 2003. About 140 development and delineation wells are planned in 2003 to define new areas for possible future development in their offshore concessions. Unocal Thailand’s exploration efforts have continued to expand the large oil and gas resource potential of Thailand. Over the last decade, the extensive exploration effort has led to an increase from 6 trillion cubic feet to over 14 tcf of resource potential to the Kingdom.

“Our capital investment over the last 10 years and continued application of technology has resulted in growing the clean-burning natural gas resources that fuel the Kingdom” Howard said.

Unocal Thailand is a partner (16 percent) with PTT Exploration and Production in the Arthit gas field, in the Gulf of Thailand area between Thailand and Vietnam. Development plans are under way by PTT for the start of gas production in 2006 into PTT’s third major gas pipeline to Rayong.