Thailand’s PTT Exploration and Production (PTTEP) plans to sell its Omani unit to a company based on the Arabian Peninsula as part of a rethink of its portfolio.
Amec Foster Wheeler said it has been awarded a Front End Engineering Design (FEED) contract by Thai Oil Public company for its clean fuel project at the Sriracha Refinery in Thailand.
Thailand plans to put up for auction petroleum concessions held by Chevron and PTT Exploration and Production, according to reports.
Chevron plans to lay off 800 staff this year in Thailand as it looks to cut $500 million in costs at the Thai business to weather the fall in global oil prices, the company said.
Tap Oil said drilling of the two development wells in the Northern Gulf of Thailand has now been completed.
Ophir Energy said it encountered oil after completing operations on a wildcat exploration well in the Gulf of Thailand, but it was below the threshold for economic viability.
Ophir Energy said it has launched its two-well exploration programme in Thailand after spudding of the first wildcat. The company said it had spudded the G4/50-10 exploration well on the Soy Siam prospect in the western Gulf of Thailand. The block partly surrounds Ophir's producing Bualuang oil field and spans a series of Tertiary aged sub-basins in the region.
Australian oil producer Tap Oil's $24.4million of exploration write downs has led to the company reporting a loss of $17.4million in its half year results.
Thai state energy firm PTT PCL has won approval to buy a total 2 million tonnes a year of liguefied natural gas (LNG) from Shell Eastern Trading (PTE) and BP Singapore PTE Ltd in long-term contracts, the energy minister said on Thursday. Shell Eastern and BP will supply 1 million tonnes each to state-controlled PTT from 2017, Energy Minister Narongchai Akrasanee told reporters after a meeting of the ministry's policy and planning office. As part of the 15-to-20 year contracts, PTT will import 0.5 million tonnes of LNG from Shell Eastern and 0.317 million tonnes from BP in April 2016, Narongchai said.
Thailand's largest oil and gas explorer PTT Exploration and Production PCL (PTTEP), has reported second quarter profits slumped 94%, dragged by a fall in revenue, and foreign exchange and oil hedging losses.
Pan Orient Energy has sold a 50% interest in its subsidiary which operates its L53/48 Thailand concession to Sea Oil for $42.5million including a working capital adjustments of $2.4million. The deal is expected to be closed by January, with a $4million break free payable by Sea Oil if shareholder approval is not obtained.