Total in Thailand will invest $1 billion to boost oil and gas flows at the Bongkot field in the Gulf of Thailand, Dow Jones has reported. Some 350 million extra cubic feet per day is the aim, the news agency reported local Total leadership as saying.
The local unit of the French oil and gas company Total expects to invest approximately US$1 billion in the North Bongkot gas field in the Gulf of Thailand from 2012 to 2023, according to president and general manager Michael Sangster.
Mr Sangster, who took charge of the Bangkok-based Total E&P Thailand operation last year, said the company had a one-third stake in North Bongkot. The other investors are Thailand's PTT and its affiliate PTT Exploration and Production Plc with a combined 44.44%, and British Gas Asia Pacific with 22.22%.
Total's investment would cover the extension period of the field's concession from 2012 to 2023, starting with drilling of new four wells.
''We can't say the exact number right now, because the operation depends on reserves of the field we discover,'' he said in an interview at the Gastech 2008 conference in Bangkok.
Bongkot started production in 1993 and currently pumps 630 million standard cubic feet per day (mmscfd) of natural gas. Further exploration is aimed at maintaining output of the field at current levels beyond 2012.
Total has also set aside $2 billion in capital expenditure for a new gas field, South Bongkot, which is expected to produce at least 350 mmscfd. Construction is expected to start this year with commercial operations starting by 2011.
The group has also entered into a partnership with PTTEP for exploration and production in Bangladesh and Burma, and is in talks for other potential projects.
Total E&P of France has a global capital expenditure budget this year of $17 billion, up from $16.1 billion last year, with 75% going to exploration and production.
Asia and the Far East represented around 11% of the group's investment last year, when it reported adjusted net income growth of 6% to $16.7 billion.
Mr Sangster said the company had set a target of annual production growth of 4% on average from 2006 to 2010.
''We have recorded growth in oil and gas production against a drop by other rivals across the world,'' he noted.
As of 2007, the group had total oil and gas production of 2.39 million barrels of oil equivalent per day (boed) from operations in 40 countries, with overall reserves of 10.4 billion boed.
Mr Sangster said that liquefied natural gas (LNG) would be another main focus for further expansion, given high demand for gas-fired power generation. Total's other business activities in Thailand include gas and power, lubricant oil, chemicals and aviation fuel.
Source: Scandoil
Mr Sangster, who took charge of the Bangkok-based Total E&P Thailand operation last year, said the company had a one-third stake in North Bongkot. The other investors are Thailand's PTT and its affiliate PTT Exploration and Production Plc with a combined 44.44%, and British Gas Asia Pacific with 22.22%.
Total's investment would cover the extension period of the field's concession from 2012 to 2023, starting with drilling of new four wells.
''We can't say the exact number right now, because the operation depends on reserves of the field we discover,'' he said in an interview at the Gastech 2008 conference in Bangkok.
Bongkot started production in 1993 and currently pumps 630 million standard cubic feet per day (mmscfd) of natural gas. Further exploration is aimed at maintaining output of the field at current levels beyond 2012.
Total has also set aside $2 billion in capital expenditure for a new gas field, South Bongkot, which is expected to produce at least 350 mmscfd. Construction is expected to start this year with commercial operations starting by 2011.
The group has also entered into a partnership with PTTEP for exploration and production in Bangladesh and Burma, and is in talks for other potential projects.
Total E&P of France has a global capital expenditure budget this year of $17 billion, up from $16.1 billion last year, with 75% going to exploration and production.
Asia and the Far East represented around 11% of the group's investment last year, when it reported adjusted net income growth of 6% to $16.7 billion.
Mr Sangster said the company had set a target of annual production growth of 4% on average from 2006 to 2010.
''We have recorded growth in oil and gas production against a drop by other rivals across the world,'' he noted.
As of 2007, the group had total oil and gas production of 2.39 million barrels of oil equivalent per day (boed) from operations in 40 countries, with overall reserves of 10.4 billion boed.
Mr Sangster said that liquefied natural gas (LNG) would be another main focus for further expansion, given high demand for gas-fired power generation. Total's other business activities in Thailand include gas and power, lubricant oil, chemicals and aviation fuel.
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