Chevron Announces Thai Gas Project

Chevron Corporation is to build a US$3.1bn natural gas project in the Gulf of Thailand to meet growing gas demand in the Asia-Pacific region.

Located 200km offshore in shallow water, Platong Gas II is designed to add 420 million cubic feet of natural gas per day to its processing capacity.

"Platong Gas II will generate new jobs and revenue for the Kingdom, as well as provide a future source of energy for the Thai people and industry for decades to come," says Chevron Thailand Exploration and Production President Tara Tiradnakorn.

Startup is scheduled for first quarter 2011.

Operator Chevron holds a 69.8 percent participating interest with Mitsui Oil Exploration and PTT Exploration and Production Public.

The Asia-Pacific region is poised to become the world's most significant oil and gas consumer, with demand forecasted to grow by about 90 percent by 2030, according to Chevron's regional exploration arm.

By Ozge Ibrahim