Thailand's national oil and gas company PTTEP is preparing to make a final investment decision on the development of the Bussabong gas field, located in the northern part of the Gulf of Siam.

Investment Plans and Project Development

PTTEP's investment plan for 2026 prioritizes ensuring Thailand's energy security and accelerating the implementation of ongoing projects. In the first quarter, the Department of Mineral Resources approved the allocation of the Bussabong production area within block G3/65 in the northern part of the Malay Basin. The final investment decision is expected to be made this year, with gas production scheduled to begin in 2028.

Current Status and Prospects

According to PTTEP's report for the first quarter of 2026, seismic data interpretation is ongoing, and the company is preparing to approve the Bussabong project. Planning is underway for new platforms to develop the field, which could become a hub due to the presence of several discovered fields within a 10-kilometer radius. The offshore asset's potential allows for consideration of additional gas platform construction.

Geographical Location and Neighboring Projects

Block G3/65, covering 11,647 square kilometers, borders Valeura's G11/48 block, which contains the producing Nong Yao oil field, and is also adjacent to PTTEP's Bongkot gas project (G2/61). In the first quarter of 2026, average daily production at Bongkot reached 709 million cubic feet of gas and 21,091 barrels of condensate.

Partnership with Valeura Energy

Valeura, headquartered in Singapore, reached an agreement in July last year to join PTTEP's projects in blocks G1/65 and G3/65, both located in the northern Gulf of Siam. Valeura is acquiring a 40% stake in the offshore blocks, which are strategically situated near Thailand's largest gas fields and the company's own oil assets.

To obtain its share, Valeura will pay 40% of the actual past costs—$14.7 million as of the end of June 2025. PTTEP will retain a 60% operating interest in both blocks, which were awarded in March 2023. The transaction to transfer the stake from PTTEP will be completed after all agreement conditions are met and the necessary government approvals are obtained.

Future Plans and Exploration

The partners plan to conduct exploration drilling next year at the Karawake oil prospect in block G1/65, which is located in an oil-rich area with existing fields. New 3D seismic data obtained in 2025 is currently being processed to refine the prospects of this offshore site.