STATOIL SEEKS SHARE IN THAI GAS FIELD
Norway's state oil company
Den Norske Stats Oljeselskap A/S (Statoil) <STAT.OL>, has told
Thai authorities it is interested in taking a 30 pct share in a
big offshore Thailand gas field, Statoil said.
    The field, in the southern sector of the Gulf of Thailand,
is currently operated by U.S. Oil company Texas Pacific Oil Co
Inc, a unit of Canada's Seagram Co Ltd <VO.N>. Thailand's state
oil company <Petroleum Authority Thailand> (PTT) also holds a
major stake in the field.
    PTT wants to develop the field and has asked Statoil to
consider co-development if the field's licence is renewed.
    PTT, according to Statoil, is currently negotiating with
Texas Pacific to buy back the Dallas-based oil company's
holdings in the field.
    "PTT must first sort out its problems with Texas Pacific.
When this is done, we have said we are interested in taking
over a 30 pct share in the field," Statoil spokesman Willy Olsen
told Reuters.
    Statoil, hired by PTT to carry out an independent appraisal
of the field's reserves and propose a development plan, has
estimated the field could be commercially developed at a cost
of some 700 mln crowns.
    Industry sources said Texas Pacific has submitted lower
reserve estimates for the field than Statoil and shown little
interest in its development. Statoil refused to disclose its
upgraded reserve estimate for the field.
    The field's reserves could be sold domestically through
Thailand's gas distribution network or by converting the gas to
electricity, the sources said.
    Sources would not say which field Statoil is considering.
 REUTER
