September 25, 2018 / 11:23 AM / 21 days ago

Chevron and PTTEP to face off in Thai petroleum auction

BANGKOK, Sept 24 (Reuters) - Chevron Corp and Thailand's PTT Exploration and Production Pcl (PTTEP) will compete in the auction of Bongkot and Erawan petroleum concessions in the Gulf of Thailand after bids were submitted on Tuesday, with France's Total SA sitting it out, the government said in a statement.

In the Erawan (G1/61) concession, a joint bid from PTTEP and its partner, the UAE's Mubadala Petroleum will face a bid from Chevron and partner Mitsui Oil Exploration, a Department of Mineral Fuels statement said.

PTTEP submitted a solo bid for the Bongkot (G2/61) concession to compete with a Chevron and Mitsui's joint bid.

France's Total SA, which has a 33.3 percent stake in the Bongkot field and previously submitted an intent to bid, did not submit bids.

Auction winners will be approved by cabinet in December, the head of the Department of Mineral Fuels, Veerasak Pungrassamee, told reporters.

Currently, Chevron operates the Erawan gas block and state-backed PTTEP operates the Bongkot concession, which will expire in 2022 and 2023, respectively.

The gas fields have combined output of 2.1 billion cubic feet a day of gas, government data shows. (Reporting by Wirat Buranakanokthanasan and Chayut Setboonsarng Editing by Keith Weir)

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