PTT Exploration and Production (PTTEP, subsidiary of Thailand's national oil and gas group PTT) and Malaysia's national oil and gas company Petronas are considering jointly developing oil and gas resources in the Gulf of Thailand. The companies plan to set up a new joint venture to operate in the areas of the previous project Carigali PTTEPI Operating Company (CPOC, joint venture under the Malaysia-Thailand Joint Authority), which overlap the maritime borders and are claimed by both countries.
The joint venture would benefit from PTTEP's experience in the offshore Bongkot gas block, whose production capacity has been ramped up from around 150 mcf/d (4.2 mcm/d) in 1992 to the current 1 bcf/d (28.2 mcm/d).
PTTEP is ready to participate in the auction for the new concession of the Bongkot block, due to expire in 2023. The operating consortium - PTTEP with 44.4%, Total with 33.3% and Shell with 22.2% - would submit its application for the block.