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BANGKOK, June 29 (TNA) - Thailand is expanding its petroleum exploration overseas, particularly in Oman, to boost the kingdom's energy security amid continued global oil price hikes.
The kingdom, through its major energy arm in Oman, PTTEP Oman Company Limited (PTTEP OM), a firm under the umbrella of PTT Exploration and Production Public Company Limited (PTTEP), on Wednesday signed an agreement with the Sultanate of Oman in which the latter allows the former to expand its offshore petroleum exploration over the next five years.
Under the agreement, signed by PTTEP's President Maroot Mrigadat, in his capacity as PTTEP OM's top executive, and Oman's Oil and Gas Minister Mohammed Bin Hamad Bin Saif Al Rumhy, PTTEP OM is granted a concession to continue exploring petroleum at the plot 58 in the Oman Sea with shared interests with Oman over the next five years.
The signing of the bilateral pact, the second of its kind with the Sultanate of Oman, was witnessed by Thai Energy Minister Viset Choopiban.
PTTEP OM will begin its petroleum exploration at the plot 58 next month with a total investment of around US$38 million, according to Mr. Maroot.
PTTEP, an affiliate of PTT Public Company Limited (PTT), Thailand's petroleum giant, has continued its petroleum exploration moves in Oman following its successful discovery of oil and other petroleum products at the plot 44, granted a similar concession by the government of Oman in 2002.
The company would begin to make use of oil and other petroleum products discovered at the plot 44 in July, Mr. Maroot revealed.
"According to an intial survey, the plot 58 also has potential to become one of our company's major petroleum sources and if more petroleum is discovered, it will also help boost Thailand's energy security amid global oil crisis currently," said the PTTEP president.
Source: TNA - 29 June 2006
