PTTEP is 63% owned by Thailand's PTT and its president, Prasert Bunsumpun, announced that it wanted to keep the oil fields in Thai hands. PTTEP currently has a 25% share in the 20,000 barrel-per-day Sirikit field.
The head of Thai Shell Exploration, Luechai Wongsirasawad, has announced that US$1 billion worth of assets in Thailand were under review.
In related news, Thai Energy Minister, Prommin Lertsuridej, announced that the country could save up to US$500 million dollars from new natural gas purchase agreements that will be signed with concession holders operating in the Gulf of Thailand.
According to Prommin Lertsuridej, Chevron Offshore (Thailand) is offering an additional 85 MMcfd of gas - from the 145 MMcfd under the original contract - and offering a 12% discount on the increased volume.
Furthermore, Unocal and PTTEP plan to sign another contract with PTT for gas from the Pailin field that would allow the Thai body to save 3% on gas purchased between next month and January 2006, and an additional 5% in a new 20-year pact starting in early 2006.
Both these initiatives will be signed by 10 October.
