PTT backs public forum on petroleum concessions

BANGKOK, February 18 (TNA) - PTT Plc, Thailand’s largest energy company, has expressed its support for a public hearing on the 21st round of bidding contests for petroleum exploration and production concessions to be held by the government this Friday. PTT Chief Executive Officer and President Pailin Chuchottaworn said on Wednesday that the forum would provide concerned parties a good opportunity to exchange information and ideas about the concessions. Pailin said the 21st round of the bidding contests was essential as natural gas would run out in the Gulf of Thailand in seven years and without new production, Thailand would have to import more liquefied natural gas which carries price risks. Critics and supporters continued to weigh in on the 21st round of bidding contests for petroleum exploration and production concessions. The critics wanted to change the concession model to a production sharing contract (PSC) as used by several other Southeast Asian countries due to concern about transparency and revenue. Pailin said PSC did not suit Thailand because its natural gas sources were small and posed the investment risks that the government should not bear. He cited that the Indonesian government finally ended PSC and returned to concessions to relieve its burdens as the exploration success rate declined. Pailin said the opponents should not distort information about the concessions or politicize the issue since it could disrupt the public hearing. The PTT president also confirmed that PTT Exploration and Production Plc would join the 21st round of the bidding contests for petroleum concessions to vie for preferred petroleum sources to maintain its petroleum production. Meanwhile, Prime Minister’s Office Minister Panadda Diskul said he has invited about 100 parties to the forum at Government House on February 20, which will be broadcast live on Channel 11 of the Public Relations Department from 9am to 12 pm. (TNA)