Mitsui takes stake in Chevron-operated Gulf of Thailand Block G4/43

Sept. 14, 2004

Chevron Offshore (Thailand) Ltd. has farmed out a 25% stake in Block G4/43, in the northern Gulf of Thailand, to Mitsui Oil Exploration Co. of Japan. Two discovery wells have been drilled on the block (OGJ Online, July 22, 2004).

By an OGJ Correspondent

BANGKOK, Sept. 14 -- Chevron Offshore (Thailand) Ltd. has farmed out a 25% stake in Block G4/43, in the northern Gulf of Thailand, to Mitsui Oil Exploration Co. of Japan. Two discovery wells have been drilled on the block (OGJ Online, July 22, 2004).

The deal, endorsed by the Thai government, reduces COTL's interest in the tract to 60% from 85%. PTT Exploration & Production PLC, the Thai state-controlled firm and the original partner in G4/43, retains its 15% holding.

Last year, COTL produced 48,000 b/d of oil and 220 MMcfd of natural gas from Block B8/32 in the gulf.