BANGKOK (AFX-ASIA) – Chevron Texaco said it has acquired exploration and production rights to offshore Block 9 A in the Gulf of Thailand.
The block is approximately 80 square kilometers adjacent to the eastern boundary of the Chevron Texaco-operated Block 8/32, with a water depth of
approximately 250 feet.
Chevron Texaco will operate the block and hold 51.66% interest.
The other partners in the block are Thaipo Ltd, a subsidiary of US-based Pogo Producing Co, with 46.34% interest and the Bangkok-based Sophonpanich family with 2%.
“We are very pleased with the acquisition of the block, and are ready to work with our partners to explore for oil and gas,” managing director of Chevron Texaco (Thailand) Ltd Isikeli Taureka said in a statement.
“We believe Block 9A, where we plan to drill very soon, will be successful when developed via our existing production operations in nearby Block 8/32,” he said.
Chevron Offshore (Thailand) Ltd, a unit of Chevron Texaco Corporation’s Asia South business unit, acquired Block 9A from sales by the previous holders. BG Group held a 50% interest, Chevron Overseas Petroleum(Thailand) Ltd 33.33% and Rio Tinto 16.67%.