Chevron expects to invest more

The extension covers the development of gas reserves in blocks 10-13.

Chevron is contracted to supply natural gas at a rate of 1.2 billion cubic feet per day from the blocks to PTT in the next four years. It will be piped to power-generation plants. At present, its production rate from the blocks is 740 million cfpd.

"Last year, the company received a budget of US$4 billion (Bt132 billion) for Chevron's entire investment in Thailand, Burma, Cambodia, Vietnam, China and Bangladesh. The figure represented 20 per cent of Chevron Corp's investment budget worldwide," said Padhanaseth Changkasiri, general manager for policy, government and public affairs at Chevron Thailand.

"We expect to receive more this year, but I don't know the exact figures right now."

He said the local operation would know its investment budget next month when the US parent company an-nounced its 2008 investment plan.

However, although an overall figure might be known, the amount to be spent in each country of the region would not be clear.

Last year, Chevron Thailand produced natural gas at a rate of 1.6 billion cfpd from its entire concessions in the Gulf of Thailand.

It also produced 48,000 barrels of condensate and 90,000 barrels of crude oil per day.

"Chevron Corp focuses more on its investment in Thailand than in other country in the region because of its plentiful natural resources," Padhanaseth said.

"The parent company does not concentrate only on petroleum exploration. It is also concerned with personnel development."

Nalin Viboonchart

The Nation

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