 Energy
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04 Dec 06 15:33
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GS Caltex finds oil, natural gas in northern Thailand
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Vipin Wilson
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- It is, perhaps, the attention to detail that sets Falcon Hill apart from other luxury properties in Thailand.
Kim Falcon Ravn, Denmark
Managing Director
Visit Falcon Hill, Hua-Hin
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Bangkok, Dec 4: GS Caltex Corp. announced yesterday it has detected a gas and oil reserve in its ground development project in northern Thailand.
The nation's second-largest oil refinery said the secured reserves are expected to produce 1,254 barrels of crude oil per day and 720,000 cubic meters of natural gas.
The company purchased a 30 percent stake in the exploration project from Siam Moeco Ltd. in July as part of efforts to secure crude oil supplies.
GS Caltex officials stressed that the reserve is composed of high quality light oil. They believe they can secure the output from 2008.
GS Caltex is currently engaged in another consortium project in Cambodia, and its major shareholder GS Holdings Corp. is also tapping oil reserves in Indonesia and Yemen, reports Korea Herald
A ground oil drilling rig in Sirikit, Thailand, run by GS Caltex Corp. and Mitsui Oil Exploration Co. [GS Caltex Corp.
The Seoul-based company aims to supply 10 to 15 percent of its annual refining capacity of 722,500 barrels per day from its own oil developments. Siam Moeco Ltd., a natural resources development unit of Mitsui Oil Exploration Co., was established in 2004 to develop oil and natural gas in Thailand.
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