PTTEP approves investment in Bussabong field, G3/65 project, with gas production set for 2028

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PTT Exploration and Production Public Company Limited, or PTTEP, has announced progress in developing the Bussabong gas field in the G3/65 project in the Gulf of Thailand. Its subsidiary, PTTEP Energy Development Company Limited, or PTTEP ED, has made a final investment decision, or FID, to develop the gas field, building on the success of its exploration discovery of natural gas and moving into the development phase. Development of the field will take approximately two years, with gas production expected to begin in 2028 at a rate of about 30 million cubic feet per day, rising to 40 million cubic feet per day by 2030 to meet the country's growing future energy demand. The development will produce natural gas through a subsea pipeline system linked to the central processing platform and production facilities of the nearby Bongkot North field in the G2/61 project, where PTTEP is already the operator, allowing the Bussabong field to be developed more efficiently and quickly. The plan will proceed after receiving approval from the relevant government agencies. There are also plans to drill exploration wells in the Nong Yaow Northeast area to assess additional petroleum potential, and if petroleum is discovered, it could further increase production rates for the G3/65 project in the future. For the G3/65 project, PTTEP was granted petroleum exploration and production rights under a production sharing contract, or PSC, starting in 2023, covering an area of approximately 11,647 square kilometres. After the conditions for transferring an investment stake under the farm-out agreement were completed, PTTEP holds a 60 percent investment stake and remains the operator, while Valuera Energy (Chaiyaphruek) Company Limited holds a 40 percent stake. PTTEP currently has more than 50 petroleum exploration and production projects in more than 10 countries worldwide, and in Thailand it has 20 projects, both onshore and in the Gulf of Thailand.

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