PTTEP reveals success stories of Bongkot Strengthening Thailands energy security for over the past two decades

Energy Press Releases Thursday July 13, 2017 16:33
Bangkok--13 Jul--PTTEP

· Vital source of energy supply while creating extensive value chain for the Thai economy, currently supplies 30% of domestic natural gas production and contributes over THB 240 billion to the national income.

· A crucial turning point in the energy scene of Thailand, enabling Thai people to further develop competency and increasing the nation's energy self-reliance.
· Ready to bid for new Bongkot production license.

Somporn Vongvuthipornchai, President and Chief Executive Officer of PTT Exploration and Production Public Company Limited (PTTEP) revealed that the Company's Bongkot natural gas field was brought on stream on 15 July 1993, which this year marks its 24th anniversary. It is vital indigenous source of energy supply, initiating the nation's energy self-reliance, while creating extensive value chain for the Thai economy for many years.

"We have developed Bongkot project for more than 24 years since the first gas production in 1993. Our achievements and success stories for more than two decades are the reflection of our capability and expertise. We believe that our expertise and experiences in the exploration, development and production gained from Bongkot gas field will enable Thai people to further develop competency, aiming to maintain the nation's energy security in the future," added Mr. Somporn.

Bongkot: an institution of capability development of PTTEP

Bongkot is the first natural gas field which is operated by PTTEP as a Thai operator. It is like an institution to PTTEP, a place where the Company has learned hands-on and practical knowledge about petroleum exploration, development and production. PTTEP has expanded its business domestically and internationally due to its fruitful engagement in Bongkot, reflecting Thai people's competency in running exploration and production business and expanding to international levels. Bongkot is also the fundamental for PTTEP's organization development, driving PTTEP towards the leading regional energy company today.

Vital source of energy supply, while creating extensive value chain for Thai economy

Bongkot project is the largest natural gas field in Thailand with the production volume of approximately 900 million standard cubic feet per day (MMSCFD). This meets about 20% of Thailand's overall daily natural gas consumption, or accounting for approximately 30% of the combined indigenous natural gas output. With the contribution of over THB 240 billion in the form of royalty and taxes and government sharing, the field has been driving up Thai economy for over two decades.

In addition, with regard to the Bongkot concession expiry in 2022-2023, the Company, as the existing operator of the field, is ready to participate in the bidding to continue as the operator to maintain energy security for the country.

"Our expertise and experiences in the exploration, development and production in the past 30 years have positioned us as a capable operator. We can deliver the continuity in natural gas supply which is fundamentally critical to Thailand's energy security," said Mr. Somporn.

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