The new vessel, to be named Pattani Spirit, will replace the tanker Sibeia that is now used to store crude oil produced from the Plamuk, Surat, Yala, Platong and Kaphong.
Teekay Shipping will convert their 1988-built, Aframax tanker Namsan Spirit at a shipyard in Singapore before renaming the vessel, with installation scheduled for second quarter 2004.
"This 10-year contract demonstrates Unocal's continued long-term commitment to the Kingdom of Thailand. We see a great future for indigenous oil production," said Randy Howard, president of Unocal Thailand.
Unocal Thailand is currently producing about 20,000 bopd from its Gulf of Thailand fields, accounting for about one-fifth of the Thailand's indigenous oil production.
To date, the fields have produced about 8.5 million barrels of high-quality, light sweet crude since 2001, which has been sold to domestic customers in Thailand and into the international market.
Unocal Thailand is the operator and holds 71.25% working interest in the Yala, Plamuk and Surat fields. Its co-venturers are Mitsui Oil Exploration Co (23.75%) and PTT Exploration and Production Public Company (5%).
Unocal Thailand also operates the Platong and Kaphong fields, and holds a 70% working interest in those fields, while Mitsui Oil Exploration holds the remaining stake.
