Chevron Announces Green Light for Multi-Billion Dollar Gas Project in Thailand

Chevron Corporation today announced that the company and its partners have given the green light to construct the Platong Gas II natural gas project in the Gulf of Thailand. Total development cost of the field is approximately $3.1 billion with startup scheduled for first quarter 2011. The Platong Gas II development, located in shallow water, 120 miles (200 km) offshore, is designed to add 420 million cubic feet of natural gas per day processing capacity. The project feeds the growing demand for gas in the domestic market. Chevron is operator and holds a 69.8 percent participating interest with Mitsui Oil Exploration Co. Ltd. (27.4 percent) and PTT Exploration and Production Public Co. Ltd.(2.8 percent).