British natural gas producer, BG Group, says production has started at its part-owned Greater Bongkot South field in the Gulf of Thailand.
The field, located 70 kilometres to the south of the existing Bongkot North development, has new standalone facilities with processing capacity of 350 million cubic feet of gas and 15,000 barrels of condensate per day.
BG Group Chief Executive Sir Frank Chapman said: "The start up of Greater Bongkot South was delivered to schedule and within budget. It will increase production capacity for BG Group in Thailand by 50% and will provide material new gas volumes for sale into a growing market.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"Once plateau production is achieved, Greater Bongkot South will deliver some 14 000 barrels of oil equivalent per day net to BG Group. This development forms part of our portfolio of named projects and discovered resources that keep us on track to deliver our 6% to 8% production growth range by the end of the decade."
The group says production will reach "plateau" by June.
BG has a 22% stake in the field. The other companies involved are Thai outfit PTTEP, which operates the field and has a 44.45% interest, and French firm Total, with a 33.33% holding.
BS
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
