According to Unocal Thailand president Randy Howard, this decision to proceed was the result of successful delineation of wells, combined with continued positive production performance from Phase 1 of the company's oil development programme.
Its resource potential has now approached 100 million barrels of oil. If permission is granted, the proposed Phase 2 development will include new facilities and wells that will be completed by mid-2005, with start-up commencing soon thereafter.
Phase 1 of Unocal Thailand's oil development from the Platong, Yala, Surat, and Plamuk fields currently produce more than 20,000 barrels of oil per day. The company is the operator and holds 71.25% interest in the Yala, Plamuk, and Surat fields. The co-venturers are Mitsui Oil Exploration Co Ltd. (23.75%) and PTT Exploration & Production Public Company Limited (5%).
Unocal Thailand also operates the Platong and Kaphong fields and holds a 70% working interest in both fields. Mitsui Oil Exploration holds the remaining 30% stake.
