Chevron wins additional Thai rights |
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Mon, 29 Oct 2007 12:31
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SAN RAMON, Calif. (AP) - Energy producer Chevron Corp. said Monday the Thai government has agreed to extend its oil and natural gas drilling rights in the Gulf of Thailand for an additional decade.The agreement between subsidiary Chevron Thailand Exploration and Production Ltd. and the Thai Ministry of Energy extends Chevron's leases on four offshore blocks through 2022. Chevron said it hopes to boost production in the area to more than 1 billion cubic feet of natural gas per day.The company operates more than 180 platforms in the Gulf of Thailand. Last year, daily production averaged more than 144,000 barrels of oil and natural gas condensate, and 1.6 billion gross cubic feet of natural gas.Chevron said it paid Thailand nearly $3.5 billion in drilling royalties between 1981 and 2006. Terms of its most recent deal were not disclosed.Chevron, the second-largest U.S. energy company, earned a record $17.1 billion in profit last year.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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