Thailand extends bid deadline for oil and gas concession round

The energy policy committee of Thailand has decided to extend by one month the bid deadline for oil and gas concessions, from 18 February to 16 March 2015, to review contract terms. Thailand wants to boost domestic oil and gas supplies to reduce its dependence on energy imports and is seeking to attract investors in its first energy bidding round since 2007, offering six offshore blocks in the Gulf of Thailand and 23 onshore blocks. They are estimated to hold between 1,000 and 5,000 bcf of gas (28 to 140 bcm) and 20 to 50 mb/d of crude oil. Thailand offered blocks under a concession regime, in which the government receives taxes and royalties; the cut of pretax profits from the concessions is about 67% in Thailand, compared to an average 74% in South East Asia. The Energy Ministry will hold public hearing on the concessions and will seek to build a broader consensus on the contract terms and to raise profits for the country. The concession model could even be changed to a production sharing contract