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November 15, 2008

French energy giant in new phase of gas development in Thailand
French oil and gas group Total said on Friday three successful exploration wells have been drilled in Thailand, launching a new phase of development at Thailand's largest gas field, in which it owns a 33 percent stake, reported Reuters.

Two of the gas and condensate-producing wells in the Bongkot North Field will be developed from 2010. The third well will be included in a subsequent development phase.

Bongkot operator PTT Exploration and Production PTTE.BK owns a 44.45 stake in the field, while BG Asia Pacific Pte holds 22.22 percent.

The Asia-Pacific region accounted for 11 percent of Total's production in 2007. It has recently boosted mining activities with new permits in Australia, Indonesia, Bangladesh and Vietnam as well as signing a contract with China National Petroleum Corporation to develop natural gas resources in China.

Total's share price was up 5.13 percent on Friday at 41.4 euros per share. It is down 28.74 percent over the year.

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