Chevron's Thailand subsidiary begins natural gas production from Platong II project in Gulf of Thailand; US$3.1B project to ramp up production to 330 million cubic feet daily
SAN RAMON, California
October 24, 2011
– Development to boost Chevron’s natural gas production in Thailand by more than 20 percent
Chevron Corporation (NYSE: CVX) announced today that its Thailand subsidiary has commenced natural gas production from the Platong II project in the Gulf of Thailand.
The $3.1 billion project is expected to ramp up production to 330 million cubic feet per day. The natural gas will feed growing demand for energy in Thailand, increasing the country's domestic production by more than 10 percent, and boosting Chevron's net natural gas production from the Gulf of Thailand by more than 20 percent. The project is also expected to produce 18,000 barrels per day of natural gas liquids.
George Kirkland, vice chairman, Chevron Corporation, said, "Asia is becoming the center of global energy demand growth. Platong II is one of Chevron's many developments in the region that will allow us to supply safe, reliable, and affordable energy to meet this need."
Melody Meyer, president, Chevron Asia Pacific Exploration and Production Company, said, "Chevron's commitment to providing energy to the Kingdom of Thailand has been unwavering.
"From the start-up of the first natural gas field in the Gulf of Thailand 30 years ago, to Platong II, Chevron has worked in close partnership with the Kingdom to develop the energy industry, building a foundation for energy security and long-term economic development."
Chevron's Thailand subsidiary is operator and holds a 69.9 percent interest in Platong II, with the remaining interest held by Mitsui Oil Exploration Co. Ltd. (27.4 percent) and PTT Exploration and Production Public Co. Ltd. (2.7 percent). The development, located in shallow water 120 miles (200 kilometers) from Thailand's southern coastline, is one of Southeast Asia's largest offshore structures. New facilities, which will be connected to the current processing infrastructure at the Platong Field, include a central processing platform, pipelines, four initial wellhead platforms, and living quarters for 200 people.
Chevron is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. The company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.