Pogo plans to palm off Thai field

US listed independent Pogo Producing Company is selling its stake in an offshore Thailand field, with Chinese and Indian firms interested.

Various Indian media reports say the Houston-headquartered Pogo – which has several Gulf of Mexico and offshore Taranaki interests - has appointed Goldman Sachs for the sale of its 46.34% interest (held via Thaipo Ltd) in the ChevronTexaco-operated Block B8/32 that contains three oil and gas fields in the Gulf of Thailand.

India’s Oil and Natural Gas Corporation (ONGC) is reported to be in talks to buy Pogo’s equity holding, valued at US$600-700 million, with an un-named Chinese company also interested.

Block B8/32 produces oil and gas from the Tantawan, Maliwan and Benchamas fields, with net production in 2003 being 104 mmscf/d of gas and 24,600 bopd of crude.

ONGC has so far acquired oil properties in countries that include Australia, Vietnam, Myanmar, Russia, Sudan, Libya, Iran, Iraq, Syria, Qatar and the Ivory Coast.

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