East Bay Business Times
Chevron Corp. has received a 10-year extension for natural gas production in the Gulf of Thailand.
San Ramon-based Chevron (NYSE: CVX) has interests ranging from 60 percent to 80 percent on former Unocal leases in the center of the gulf bounded by Thailand on the north and west and Cambodia and Vietnam on the east. The leases from the Thai government expired in 2012 and have now been extended to 2022.
Chevron, which bought El Segundo-based Unocal in 2005, hopes to eventually boost natural gas production from these leases to 1 billion cubic feet per day.
David O'Reilly, Chevron's chairman and CEO, traveled to Bangkok for a ceremony surrounding the deal.
Chevron shares the leases with Mitsui Oil Exploration Co. and PTT Exploration and Production Public Co. Along with its venture partners, Chevron, which has about 180 platforms in the gulf, has paid about $3.5 billion in royalties to Thailand since 1981.
These leases -- for blocks 10, 11, 12 and 13 in areas named Erawan, Satun, Funan, Banpot, Plamuk, Yala, Pla Daeng and Platong -- are along a rough north-south line to the west of another area where Cambodia and Thailand have disputing claims going back to 1972.
San Ramon-based Chevron (NYSE: CVX) has interests ranging from 60 percent to 80 percent on former Unocal leases in the center of the gulf bounded by Thailand on the north and west and Cambodia and Vietnam on the east. The leases from the Thai government expired in 2012 and have now been extended to 2022.
Chevron, which bought El Segundo-based Unocal in 2005, hopes to eventually boost natural gas production from these leases to 1 billion cubic feet per day.
David O'Reilly, Chevron's chairman and CEO, traveled to Bangkok for a ceremony surrounding the deal.
Chevron shares the leases with Mitsui Oil Exploration Co. and PTT Exploration and Production Public Co. Along with its venture partners, Chevron, which has about 180 platforms in the gulf, has paid about $3.5 billion in royalties to Thailand since 1981.
These leases -- for blocks 10, 11, 12 and 13 in areas named Erawan, Satun, Funan, Banpot, Plamuk, Yala, Pla Daeng and Platong -- are along a rough north-south line to the west of another area where Cambodia and Thailand have disputing claims going back to 1972.
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