Chevron Oil Corp. announced that it will invest in the building of the Platong Gas II platform in the Gulf of Thailand. the total cost of this investment will be about 95 billion Baht (US$3.1 billion). Start of the construction is planeed for the beginning of the year 2011.

The Platong Gas II platform will be situated about 200 kilometer (120 miles) offshore in the Gulf of Thailand and will have a daily production capacity of about 420 million cubic feet of natural gas.

The new Platong Gas II project will have the potential to supply fourteen percent of the total gas demand for power generation in Thailand. This new Chevron Corporation project will be a milestone in the 45-year relationship between the Thai Kingdom and Chevron.

Khun Tara Tiradnakorn, president of Chevron Thailand, said that this new natural gas project will generate thousands of new job-opportunities in the region and will also provide a secure new energy source for the Kingdom of Thailand for decades to come.

Chevron operates more than 195 gas and oil rigs in the Gulf of Thailand, averaging a total daily output of 138,000 barrels of oil by day and about 1.7 billion cubic feet of gas by day.

The region is to become one of the world's largest gas and oil consumer in the future, with predicted demands to increase with 90% by the year 2030, added J. Blackwell, president of Chevron Asia Pacific Exploration and Production Co. Chevron is well established in the Asia-Pacific area positioned with a vigorous line of new projects on the drawing-board to satisfy any future regional demands for natural gas.