The Platong Gas II development, located in shallow water, 200km offshore Thailand, is designed to add 420 million cubic feet of natural gas per day processing capacity. The project feeds the growing demand for gas in the domestic market.
Chevron is the operator of the project and holds a 69.8% participating interest with Mitsui Oil Exploration holding 27.4% and PTT Exploration and Production with a 2.8% stake.
Chevron has signed an agreement with the Ministry of Energy of Thailand to increase its daily contract quantity of natural gas by 500 million cubic feet to 1.2 billion by 2012 from the company-operated offshore blocks 10, 11, 12 and 13. Platong Gas II is expected to be the major source of this increase in production.
Jim Blackwell, president of Chevron Asia Pacific Exploration and Production, said: The Asia Pacific region is poised to become the world’s most significant oil and gas consumer, with demand forecasted to grow by about 90% by 2030. Chevron is well positioned with a robust queue of major projects across the region to help satisfy future demand.
