You are on page 1of 19

South East Asia - Thailand

July 2011

Bongkot
Key Facts
Onstream Location Gulf of Thailand, Malay Basin Block: Bongkot, Area: 3,200 km2 Water Depth: 42 - 82m Producing Horizon(s): Neogene, Miocene Offshore Timetable Discovery Date: Bongkot Discovery Date: Ton Sak Production Started: Bongkot Area Discovery Date: Ton Nok Yoong Discovery Date: Ton Koon Discovery Date: Ton Rang Production Started: Ton Rang Expected Startup: Ton Koon Expected Startup: Ton Nok Yoong Peak Gas Production (890 mmcfd) Final Expiry Participants PTTEP Total BG Hydrocarbon Quality Calorific Value (btu/scf) Gravity (API) CO2 (%) Jun-73 Aug-93 Jul-93 Aug-94 Jan-95 Mar-98 Mar-09 2012 2012 2013 2023 % 44.45 33.33 22.22 984 56 5 - 50

Operator PTTEP

Recoverable Reserves (p+p) 21 mmbbl Oil 101 mmbbl Cond 5,800 bcf Sales Gas Remaining Reserves at 01/01/2011 5 mmbbl Oil 39 mmbbl Cond 2,715 bcf Sales Gas Contract Concession

Financial Summary Capital costs (2011 terms) Capital costs per boe (2011 terms) Operating costs (2011 terms) Operating costs per boe (2011 terms) Remaining PV (10.0% nominal) Remaining PV per boe (10.0% nominal) Rate of return US$6,631M US$5.80/boe US$3,021M US$2.64/boe US$6,799M US$13.02/boe 25.8%

Source: Wood Mackenzie

Summary and Key Issues


Summary
Bongkot, is a collection of several compartmentalised gas reservoirs situated in the Malay Basin, Gulf of Thailand. The main Bongkot field came onstream in 1993, and is one of the primary suppliers of domestic gas to Bangkok. The initial development focused on the central and northern accumulations (Greater Bongkot North) and incorporated three wellhead platforms, a central processing platform, an accommodation platform and a FSO for liquids handling. A second development phase, incorporating further wellhead platforms and a riser platform, was completed in 1996. The third phase of development has been ongoing since 1997/1998 and the joint venture is now engaged in Phase IIIJ and K of development. These sub-phases include two to three 16-slot wellhead platforms.

Bongkot

Thailand

A fourth phase, targeting the southern accumulations of South Bongkot, Ton Koon and Ton Nok Yoong (Greater Bongkot South), is also underway and is expected to be completed in 2012. These fields are expected to add 320 mmcfd of production at plateau.

Key Issues
PTTEP continues drilling appraisal wells in the Bongkot area to delineate the fields on a need basis. Successful appraisal drilling and additional phases of development will help maintain sales volumes and offset production decline from Greater Bongkot North. Sales gas has been above the DCQ level of 550 mmcfd since 2010 due to robust domestic demand. Sales gas forecasts in 2011 are around 605 mmcfd.

South East Asia Upstream Service - July 2011

Page 2 of 19

Bongkot

Thailand

Location Maps
Index Map
95E 100E 105E

MYANMAR LAOS

YANGON

BANGKOK

CAMBODIA
Andaman Islands

Gulf of Thailand
PHNOM PENH

INDIA

VIETNAM
Ho Chi Minh

South China Sea

INDONESIA
5N 105E 5N

MALAYSIA
95E 100E

100

200

km 400

Source: Wood Mackenzie

South East Asia Upstream Service - July 2011

Page 3 of 19

10N

10N

Andaman Sea

15N

15N

THAILAND

20N

20N

Bongkot
Bongkot Map
102E
Arthit 14-1 1
G9/48-14-1X

Thailand

10230'E
Art hit 14 -9
11X 15X

103E
KS-1X B-KL-4X

ND ILA

3 1 8

830'N

bon 2

3 1 4/ST 2/ST

52/97-VD-1 G 8/50 Arthit 1 4-1 4 B-KL-3X V ang De n PTTE P ARTHIT 14- 5 Art hit 14 -10 10X 14X 5 G 8/5 0-1 4-1 X 1X 52/97-CV-2X Kim Long 52/97-CV-5X Arthit 1 4-12 ARTHIT 14 -3 5X B-AQ-2X 7X 3X 12X Ubon-4 Ca Voi Art hit 14 -13 13X 10 Arthit 1 4-1 7 52/97-CV-1X 16X ARTHIT 14 -6 6X 14-D-1X 17 Arthit 14- 16 B-AQ-1X 52/97-AQ-6X Ubon-7 8X ARTHIT 4X 52/97-AQ-5X ARTHIT 14- 8 52/97-CV-3X B1 4A (Prod) 18 14 -4 52/97-AQ-8X Art hit 14 -18 PTTEP Arthit 15-21 Arthit 1 5-2 1 Ac Q uy 3X,2J 15 -14 16X B1 5A ARTHIT 15- 3 52/97- CV-4X Bongk ot 52/97-AQ-4X P TTE P 14X 15-11 PTTEP 6X Art hit 1X 3S/ Chang Dae ng North Bongk ot-1 52/97-AQ-3X 15- 16 15-18 ST1 7A,B 1S 3 Ton Son 2 ARTHIT 15 -7 AR THIT 2X
" 42 s ga

1X

50

On O

50-T

Ton Son-1X

22X

G 11/48 Muba dala

Arthit 15 -22

B1 1/38 Muba dala

BK-DEL-30 15-B-2x 15-B-9X 2X 15-B-1X ARTHIT 15-B-13X 15-B-8X 4X ARTHIT 15 -4 15- 2 1XA,B 15-B-3X BK-DEL-28 TON RANG 2X 17X Arthit 15- 17 8 Deep- BK-DEL-29 4X 52/97-AQ-9X BK-DEL-10 A,B,C Arthit 1 5-2 0 TON SAK 8 2X BK-DEL-5 15 15-B-5X 9 15-B-7X BK-DEL-2 BK-DEL-8 5X 52/97-TH -1X/2X 1x BONG KOT 15-B-15X 15-B-12X Ton Rang-3 7 6x 5x 8X ARTHIT 1 5-5 15-B-4X 3x BK-DEL-1 Thien Ha 15-B-10X BK-DEL-11 B16 A 16-E-1 16-F-1 TON 15-B-11X 6A, 6D PTTE P 4X 15-B-6X Art hit 16 -1 1X 16-D-1 1X CHAN BK-DEL-20 15-B-14X G 9/50 1X Arthit 16 -5 5X 2X BK-DEL-22 2X 6/6R Ha rro ds BK-DEL-23 16-B-1 Arthit 1 6-2 16-L-1X 4X 3 Ene rgy 8B 3X 12 1X/RD Arthit 16- 4 2X BK-DEL-24 BK-DEL-9 Ton Mok e BK-DEL-21 7 Arthit 1 6-6 6X Buss abong 12S/12S(B) 13

10 15-13,13A 15- 1 e 9X a t 19X ns d e Art hit 1 5-19 n co

52/97-AQ-7X

50-CM-

8N

BONG KO T
5X

16 17-E-3 17 17-B-1 17-E-1 14

2X

5 1 3 4

Pikul

2 1

AL -T HA IJ

TON NOK YO O NG

DA

planned G 12/48 condensate PTTEP 16-I-1X

Art hit 1 6-3


Ton Nok Yoong-6 3X

MUDA
1 1 3

ed

Ma nt ana
1

ga

Ton Koon-3

pla

25 26

19

Bongkot P TTE P 2
1X

nn

4 2 7

co n

730'N

TO N K OON
27 BK-DEL-18 Boondarik-1 15 18C 18B

1 1

Muda South
t thi ) Ar to (J DA A JD EM PL
2 1

1A

SO UTH BO NGK OT
4 4A

JEN

1 2

Angun

4W

Mali

10

102E km 20

10230'E

CAKERAWALA 103E Source: Wood Mackenzie

South East Asia Upstream Service - July 2011

Page 4 of 19

730'N

Tapi

de

ns a

8N

830'N

Art hit 14 -1

52 /97 Ch evron

9X Arthit 1 4-1 5

B-KL-1X

M ND NA ILA ET VI THA

Bongkot

Thailand

Participation
Tenneco/Texas Pacific
Blocks B15, B16 and B17 were originally awarded to Tenneco (B15) and BP (B16 and B17) in 1972. Tenneco and BP drilled a total of seven wildcats between them before relinquishing their respective blocks in 1976. Texas Pacific subsequently acquired Block 15 in 1976 and Blocks 16 and 17 in 1978. On 12 July 1988, following almost 10 years of negotiations over development proposals and gas pricing for the 'B' structure (named as the Bongkot field in August 1990), Texas Pacific, along with the other partners, sold its entire B15, B16 and B17 interests to the Petroleum Authority of Thailand's (PTT) exploration subsidiary, PTTEP. The sale price is believed to have been US$83.75 million.

PTTEP
In August 1988, PTTEP invited 14 oil companies and institutions to participate in the development of the 'B' structure. Negotiations took place in early-1989. Of the five companies originally invited to submit bids (Exxon, Shell, BP, Unocal and Statoil), four withdrew from the discussions claiming that PTTEP's terms were too harsh. In March 1989, an agreement was signed between PTTEP and Total to develop the 'B' structure. Under the terms of the contract, PTTEP retained a 40% stake, while Total acquired a 30% interest and operatorship of the project. The remaining interest was farmed out to British Gas (20%) and Statoil (10%). Statoil is reported to have paid US$10 million for its stake. In August 1990, the 'B' structure was officially named the Bongkot field. The current concession was carved out of the original B15/B16/B17 licences and was originally split into two distinct operational sectors: the development area and the exploration area. The former covered the 'B' structure - an area of 986 km. Costs in this area are shared equally amongst the partners. The exploration area covered about 2,214 km of prospective acreage adjacent to the field. PTTEP was carried through the exploration phase in this area. In July 2005, 2 an amendment was made to the original GSA to incorporate the whole of the Bongkot concession area (3,200 km ) as a development area. PTTEP assumed operatorship of the development and exploration acreage in July 1998. In December 1998, it was announced that Statoil had sold its 10% stake in the field to the remaining partners PTTEP, Total and BG. The deal was effective from 18 December 1998 and gave PTTEP a 44.45% holding, Total 33.33% and BG 22.22%. In 2001, the production areas of Arthit and Bongkot were given the title "Navamindra Petroleum Area" by the King of Thailand to commemorate PTTEP's 15th anniversary. In 2007, a ten-year extension to the production licence was granted. This allows for gas and condensate production from Block B15 until 2022 and Blocks B16 and B17 until 2023.

Participation
Company PTTEP Total BG Total
Source: Wood Mackenzie * Operator

(%) 44.45 * 33.33 22.22 100.00

South East Asia Upstream Service - July 2011

Page 5 of 19

Bongkot

Thailand

Well Data
Well Name Type 15-B-1X Exploration 17-B-1 Exploration 15-B-5X Appraisal Ton Sak-1X Exploration Operator Tenneco Spudded TMD(m) Result Completed WD(m) 6-Mar-73 3607 + Oil 2-Jun-73 77 26-Mar-76 29-Aug-76 12-Apr-77 29-May-77 16-Jun-93 22-Aug-93 3051 + Gas 55 2659 75 Oil, Gas, Cond Discovery Field Bongkot Comment

BP

South Bongkot

Texas Pacific

Total

3336 + Gas/Condensate 77

Ton Sak

The first two DSTs produced 22 mmcfd of gas. The 3rd DST flowed gas and the 4th DST flowed water. Tested gas.

Ton Nok Yoong1X Exploration Uthong B4/32-1 Exploration Ton Son-1X Exploration BK-DEL-12 Appraisal Ton Sak-2X Appraisal Ton Sak-3X Appraisal Ton Sak-4X Appraisal Ton Sak-5X Appraisal Ton Koon-1X Exploration

Total

23-Apr-94 3-Aug-94

3195 + Gas/Condensate 65 1855 50 3208 77 3195 77 2807 75 2720 75 2710 75 2990 77 Dry Hole

Ton Nok Yoong

Freeport McMoran

27-Apr-94 24-May-94 6-Jun-94 20-Jun-94 23-Jun-94 15-Jul-94 6-Aug-94 30-Aug-94 31-Aug-94 13-Sep-94 14-Sep-94 28-Sep-94 29-Sep-94 4-Nov-94 6-Nov-94 10-Jan-95 3-Jan-96 29-Jan-96 7-Oct-96 17-Oct-96 18-Oct-96 26-Oct-96 28-Oct-96 7-Nov-96 31-Dec-97 20-Jan-98 5-Feb-98 3-Mar-98 4-Mar-98 22-Mar-98 22-Mar-98 12-Apr-98

Total

Gas Shows

Total

Gas

Total

Gas

Total

Gas/Condensate

Total

Gas/Condensate

Total

Gas/Condensate Shows

PTTEP

3200 + Gas/Condensate 60 3753 77 2060 66 1892 61 2124 66 2809 67 3913 79 Gas

Ton Koon

BK-DEL-8DEEP-A Total Appraisal Ton Nok Yoong-2 Total Appraisal Ton Koon-2 Appraisal PTTEP

Gas

Gas

Ton Nok Yoong-3 Total Appraisal Ton Nok Yoong-4 Total Appraisal North Bongkot-1 Exploration Ton Rang-1XA Exploration Ton Rang-1XB Appraisal Total

Gas

Gas

Dry Hole

Total

2681 + Gas/Condensate 79 2548 79 Gas

Ton Rang

Total

Two leg deviated well. Two DSTs performed on Leg B, flowing eight mmcfd. Leg A not tested.

BK-DEL-20A Appraisal BK-DEL-21 Appraisal BK-DEL-22 Appraisal Ton Sak-6X

Total

13-Apr-98 28-Apr-98 6-May-98 25-May-98 27-Jan-02 4-Feb-02 2-Jun-02

2811 77 3177 78 3363 77 2770

Gas

Total

Gas

PTTEP

Gas/Condensate

PTTEP

Gas

Appraisal on western flank of Ton Sak

South East Asia Upstream Service - July 2011

Page 6 of 19

Bongkot
Appraisal Ton Chan-1X Exploration Ton Rang-2X Appraisal Ton Chan-2X Appraisal PTTEP 12-Jun-02 19-Oct-06 2-Nov-06 15-Nov-06 24-Nov-06 26-Nov-06 4-Dec-06 7-Jul-07 18-Jul-07 16-Oct-07 13-Nov-07 17-Dec-07 27-Dec-07 29-Dec-07 18-Mar-08 21-Jun-08 8-Jul-08 22-Jul-08 31-Jul-08 6-Feb-09 22-Feb-09 7-May-09 26-Jun-09 4-Oct-09 12-Oct-09 8-Oct-10 14-Oct-10 18-Oct-10 6-Nov-10 7-Nov-10 30-Nov-10 14-Mar-11 3-May-11 77 3442 + Gas 66 2864 79 3822 61 2666 42 3820 55 3270 61 3963 71 3612 65 Gas Ton Chan field

Thailand

Total

Encountered 72 metres of gas-bearing sands Encountered 44 metres of gas pay.

PTTEP

Gas

Ton Nok Yoong-5 PTTEP Appraisal BK-DEL-18C Appraisal Ton Sak-7 Appraisal Ton Moke-1X Exploration Ton Sak-8 Appraisal Ton Son-2X Exploration Ton Sak-9 Appraisal Ton Moke-1XRD Exploration PTTEP

Gas

Gas

PTTEP

Gas

PTTEP

Gas Shows

Well abandoned following a gas kick

PTTEP

Gas

PTTEP

2833 * Gas 77 3140 75 Gas

Ton Son

PTTEP

PTTEP

4303 * Gas 71 2329 60 2328 50 3707 59 4153 64 4345 75 Gas

Ton Moke

Ton Nok Yoong-6 PTTEP Appraisal Ton Koon-3 Appraisal BK-DEL-29 Appraisal BK-DEL-30 Appraisal Ton Rang-3 Exploration PTTEP

Gas

PTTEP

Gas

PTTEP

Gas

PTTEP

Gas

Source: Wood Mackenzie * Technical Discovery + Commercial Discovery

Exploration
Initial Exploration
The Bongkot field was discovered in 1973 by the 15-B-1X well. Geologically, the field is very complex and is similar in many ways to Unocal's fields to the north, but with thicker reservoir sections. The Bongkot structure is a northwest trending, fault-bounded anticline on the northern tip of the Malay Basin. It is approximately 70 kilometres long and between 5 and 15 kilometres wide. Gas is present in a large number of discrete, Miocene, fluvial sand bodies at depths between 900 metres and 3,500 metres. The CO2 content is higher in the deeper sands and also tends to increase to the south of the field.
2 The operator acquired 572 km of 3D seismic and 4,900 line kilometres 2D seismic, over the entire acreage, in 1990/1991. This was expected to help in appraisal of field reserves and in preparation of a field development plan.

In October 1992, delineation well BK-DEL-1 was spudded on the Bongkot structure, the first well on the block to be 2 drilled by Total. In August 1993, a new field wildcat, Ton Sak-1X, discovered gas and condensate. A 300 km 3D seismic survey was subsequently conducted over the structure and four appraisals followed in 1994, all of which tested gas.
2 Also in 1994, a 912 km 3D seismic survey was acquired over the southwest of the Bongkot development area, and a 2 further 660 km was shot over the eastern area. A further 1,312 line kilometres of 2D data was acquired in 1996.

South East Asia Upstream Service - July 2011

Page 7 of 19

Bongkot
Bongkot Appraisal

Thailand

Drilling activity within the Bongkot Area has remained relatively high. While the majority of wells have been delineations of the Bongkot structure itself, three wildcats were drilled in 1994/1995, discovering Ton Nok Yoong and Ton Koon. Appraisal drilling continued in 1996, targeting deeper horizons on the Bongkot structure and delineating the southern and southeastern extent of the Bongkot trend. In the Bongkot exploration area itself, three appraisal wells, Ton Nok Yoong-2, Ton Koon-2 and Ton Nok Yoong-3 were drilled on trend with the Muda and Tapi fields in the Malaysia-Thailand JDA, operated by Carigali-PTTEP Operating Company (CPOC). In 1998, seven exploration and appraisal wells were drilled. Wells Ton Nok Yoong-4, Pikul-1 (drilled on B13/38), Ton Rang-1, BK-Del-20 and -21 all encountered gas pay, whilst North Bongkot-1 resulted in a dry hole. PTTEP drilled two appraisal wells in 2002, the first of which, BK-Del-22, encountered gas and condensate. The second well, Ton Sak-6X, was a two kilometre westerly step-out to the Ton Sak field, and encountered the targeted gas reservoirs. The gas discovered was low H2S and within the 23% CO2 specifications for Bongkot field production, and will allow the deferral of development of higher CO2 accumulations in the southern part of the Bongkot field. During 2004, two wells - BK-DEL-23 and -24 - were drilled on the east and west flanks of central Bongkot. Both wells were successful and are believed to have proved up an additional 50 bcf of gas.

2006 Onwards
In early 2006, 3,166 km of 3D seismic data was acquired on the southern area of the block. PTTEP planned to drill six wells in 2006, including two wells in Greater Bongkot South and four in Greater Bongkot North. The schedule was changed due to limited rig availability and PTTEP drilled one exploration and two appraisal wells at the end of the year on Greater Bongkot North. The drilling of Ton Chan-1X led to a gas discovery, which was confirmed by the Ton Chan-2X appraisal well in 2006. The Ton Rang-2X appraisal well led to a reserve revision of the Ton Rang field. There were five successful appraisal wells in Greater Bongkot South in 2007. These helped prove up reserves and direct engineering plans for Phase IV development. The Ton Moke-1 in early 2008 was junked following a gas kick, but the Ton Moke-1XRD in 2009 confirmed the gas discovery. Another discovery was made with the Ton Son-2X well in July 2008. In addition, four appraisal wells were completed in 2008 and 2009 having successfully encountered gas. In 2010, the operator completed three delineation wells, Ton Koon-3, BK-DEL-29 and BK-DEL-30, that all encountered gas. The operator plans to continue exploration/appraisal drilling at the rate of around three to six wells a year to delineate the fields as and when needed.

Reserves
The fields in the Bongkot area are understood to be highly compartmentalised. The development is divided into Greater Bongkot North and Greater Bongkot South geographically. Bongkot North and its satellites - Ton Sak, Ton Chan and Ton Rang - are referred to as Greater Bongkot North, while Bongkot South and its satellites - Ton Koon and Ton Nok Yoong - are referred to as Greater Bongkot South. Bongkot's overall proven and probable gas reserves make it one of the Thailand's largest fields. It has several highpressure, high-temperature reservoirs which are multi-layered and highly-faulted, making development and production from the field difficult. A number of oil rims are being developed and have been included in the liquids reserves. It is understood that there is further liquids reserve upside in the north of the field. Bongkot is a gas/condensate field and the gas contains varying levels of CO2, from 5-10% in shallow zones, to up to 50% in deeper horizons. In addition, the CO2 content increases to the south of the area. The gas is blended on board the CPP to meet the 23% CO2 limit for input into the Erawan-Rayong trunk-lines. Recently, the CO2 content of the sales gas has increased to this 23% limit. Historically, the produced gas has contained small quantities of H2S. In 2005, sulphur processing facilities were installed but future production from some reservoirs will require H2S removal. The figures below are sales gas volumes. The calorific value of the gas is estimated at around 984 btu/scf. Following further appraisal in late-2006, both the Ton Rang and Ton Chan field reserves were upgraded. The initial and remaining commercial reserves of the Bongkot fields are listed in the following table.

South East Asia Upstream Service - July 2011

Page 8 of 19

Bongkot

Thailand

Commercial Recoverable Reserves (p+p)


(Remaining Reserves at 01/01/2011) Init Init Oil Cond. (mmbbl) (mmbbl) Bongkot 21 76 Ton Sak 6 Ton Nok Yoong 2 Ton Koon 2 Ton Rang 3 Ton Chan 6 South Bongkot 6 Total 21 101
Source: Wood Mackenzie

Init Gas (bcf) 4226 293 379 177 58 59 608 5800

Rem Oil (mmbbl) 5 5

Rem Cond. (mmbbl) 19 2 2 2 3 5 6 39

Rem Gas (bcf) 1285 168 379 177 48 50 608 2715

Production
The Bongkot field came onstream on 16 July 1993 at an initial rate of 150 mmcfd. This increased to around 350 mmcfd in 1997. In April 1998, the field was temporarily shutdown for 20 days in order to install additional facilities, following which, output climbed to around 550 mmcfd. In addition to produced condensate, some oil rim accumulations are being exploited through horizontal wells. The Ton Sak field came onstream in 2003 and supplements the Bongkot North production. In July 2005, the Bongkot partners agreed to supply an additional 61 bcf of gas (48 mmcfd) between the period 1 April 2005 and 1 October 2008. As a result, production exceeded the DCQ and reached around 592 mmcfd in 2005. During April 2005, production from the Bongkot field was shut down for a 13 day period to allow the new sour gas processing platform to be tied in to the existing facilities. This shut-down did not affect the total average yearly production from the field. Greater Bongkot North produced at an average rate of 588 mmcfd in 2008. Ton Rang came onstream in March 2009 and was followed by Ton Chan later in the year. Production from the Bongkot fields increased above the DCQ level of 550 mmcfd in 2010 due to strong domestic demand which is expected to continue. Sales gas in 2011 is estimated to average around 605 mmcfd. It is forecasted that additional phases of development and successful appraisal drilling will help maintain sales volumes above 550 mmcfd from Greater Bongkot North until 2013, after which production from the northern accumulations is expected to gently decline. Phase IV of development will focus on the southern accumulations and first production is expected in 2012. A plateau production rate of 320 mmcfd is expected from Greater Bongkot South from 2014. Ton Koon and Ton Nok Yoong, which are part of the Greater Bongkot South development, are also expected to be brought onstream in 2012.

South East Asia Upstream Service - July 2011

Page 9 of 19

Bongkot

Thailand

Production (2001-2010)
2001 Oil ('000 b/d) Bongkot Condensate ('000 b/d) Greater Bongkot North Greater Bongkot South Total Liquid ('000 b/d) Sales Gas (mmcfd) Greater Bongkot North Greater Bongkot South Total Sales Gas (mmcfd)
Source: Wood Mackenzie

2002 4 9 13

2003 4 10 14

2004 4 13 17

2005 3 14 17

2006 3 14 17

2007 3 15 18

2008 3 15 18

2009 3 16 19

2010 2 17 19

3 9 12

573 573

552 552

499 499

588 588

592 592

598 598

607 607

588 588

530 530

586 586

Production (2011-2020)
2011 Oil ('000 b/d) Bongkot Condensate ('000 b/d) Greater Bongkot North Greater Bongkot South Total Liquid ('000 b/d) Sales Gas (mmcfd) Greater Bongkot North Greater Bongkot South Total Sales Gas (mmcfd)
Source: Wood Mackenzie

2012 3 14 3 19

2013 2 11 4 17

2014 2 10 4 16

2015 2 9 4 14

2016 1 7 3 11

2017 1 4 3 8

2018 1 3 2 6

2019 2 2 4

2020 1 2 3

3 18 20

605 605

590 175 765

590 300 890

536 320 856

529 320 849

475 320 795

360 320 680

258 320 578

139 320 459

85 300 385

Production Profile

Development
The Bongkot field is being developed on a phased basis as follows:

Phase I
The initial phase started in 1992, and focused on the northern area. This was to be the centre for production facilities. Phase I incorporated:
South East Asia Upstream Service - July 2011 Page 10 of 19

Bongkot

Thailand

Three, 12-slot, four-legged wellhead platforms (WP-1, WP-2 and WP-3), which were installed in June 1992. An eight-legged central processing platform (CPP) with a capacity of around 300 mmcfd. A 125-man accommodation platform (QP). A 30,000 dwt floating condensate storage & offloading vessel (FSO) with a capacity of 180,000 barrels.

The design, fabrication and installation of all five platforms was undertaken by McDermott. Phase I also included the drilling of 29 production wells on the three wellhead platforms. Gas collected on the central processing platform undergoes condensate separation/stabilisation, compression and dehydration before being exported to the Erawan field, via a 32-inch export line. A separate six-inch condensate line ran from the Bongkot CPP to the attendant FSO 1. Phase I was completed in 1993. Four booster compressors were added to the Phase 1 platforms in 2009.

Phase II
The second phase of the Bongkot development, to raise DCQ levels to 350 mmcfd, was completed in April 1996. This involved the installation of a further five, four-legged, 12-slot wellhead platforms (WP-4, WP-5, WP-6, WP-7 and WP-8). Each was tied into the CPP via 14 or 18-inch subsea flowlines. Development drilling started in March 1995. A new riser platform and flare, both bridge-linked to the CPP, were installed in late 1995. These developments increased the field's production capacity to 420 mmcfd of gas and 10,000 b/d of condensate. Moreover, during the second phase of development, several oil rims were identified beneath the producing gas accumulations. These were exploited via WP-4 and WP-7. During this phase, a total of 48 development wells were drilled, including the field's first horizontal well, BK-4-M. Between 1997 and 1998, the Bongkot joint venture invested US$10 million (nominal terms) on a scheme to inject all produced water and contaminants, including mercury produced naturally in association with the gas and condensate, into an old gas well.

Phase III
The first part of the third phase of development was completed in July 1998. The expansion increased the production capacity to 630 mmcfd of gas and 21,000 b/d of condensate, enabling the field to meet the increased DCQ (550 mmcfd) from mid-1998. Phase III comprises a number of sub-phases. Phase IIIA was completed in July 1998. This entailed the installation of two wellhead platforms, WP-9 and WP-10, and a further series of modifications to the CPP, including a third gas processing train. A total of 39 development wells were drilled. Phase IIIB development, involving the installation of the WP-11 and WP-12 platforms, started in Q1 2001 and included the initial development of Ton Sak. Around 50 slimhole development wells were drilled, from new and existing platforms. This phase also included debottlenecking of liquids processing facilities. The WP-11 platform was installed on Ton Sak East. Under Phase IIIC and IIID, a further two wellhead platforms were installed. WP-13 and WP-14 are four-legged conventional platforms with 12 slots. The work scope under phase IIIC also included modifications to WP-9 and WP-10 which were completed in early 2003. WHP-14 is located at the Ton Sak-6X well location, on the western flank of the Ton Sak field. Phase IIIC also included the installation of a new gas processing platform to treat sour gas from reservoirs in the central portion of the Bongkot field. Sembcorp Marine was awarded the EPIC contract for the eight-legged sour gas production platform, which was installed at the field in April 2005. Phase IIIE development involved the installation of three wellhead platforms, each with seven slots. The capacity of each platform is around 60 mmcfd. Thailand Nippon Steel was awarded the EPC contract for the three wellhead platforms and associated flowlines in September 2005. The first wellhead platform of Phase IIIE, WP-17, was commissioned in September 2006, the other two, WP-15 and WP-16, came onstream at the end of 2006. Drilling started from WP-17 on the G structure, followed by drilling from WP15 and WP-16 on the Ton Sak structure. Drilling of three infill wells was carried out on WP17 in Q3 2010. Phase IIIF development was focused on the Greater Bongkot North area and included the development of Ton Rang. PTTEP issued EPIC tender for Phase IIIF in May 2006. This included three wellhead platforms, WP-18, WP-19 and WP-20, with a minimal jacket size and associated flowlines. The three platforms and the tie-in lines were commissioned and brought onstream in early 2009.

South East Asia Upstream Service - July 2011

Page 11 of 19

Bongkot

Thailand

Phase IIIG development involves two more wellhead platforms (WP-21 and WP-22) with inter-platform flowlines. They are sited on Tong Rang-2X and Tong Chan-1X. Each platfrom has 16 slots and they were commissioned in 2H 2009, with installation completed in Q1 2011. Phase IIIH was launched in 2009 and includes three platforms and 25 development wells. The platforms (WP-23, WP-24 and WP-25) are located at Ton Chan-2, Ton Sak-7, and Ton Sak-8. WP-23 was installed in Q3 2010 and PTTEP drilled 11 development wells on WP23 in Q4 2010. Phase IIIJ development was launched in late-2010, with new wellhead platforms located at Ton Sak-9 and Ton Son-2. Phase IIIK development was sanctioned in 2011 and is expected to be started in late-2012. The timing of an additional phase of development (IIIL) will be considered, depending on future development needs.

Bongkot FSO
Although the Bongkot FSO was expected to have a design life of 15 years, corrosion of the ballast tanks rendered it unsafe and required its replacement in 2000. In September 2000, PTTEP secured a 250,000 barrel temporary FSO under a US$20 million contract with an alliance of Technip, Coflexip Stena and Italian Thai Development. The contract included the installation of two six-inch flowlines, a new pipeline-end manifold and temporary mooring system and the towing and hook-up of the mooring buoy to the FSO. Under the terms of the agreement, the vessel was to be leased for either 100 or 180 days. However, a condensate leak from the hose connecting the CALM buoy to the FSO prompted PTTEP to bring forward a tender for a permanent storage vessel. A submerged concrete storage vessel was considered but, in July 2001, PTTEP awarded an EPC contract to Modec for a new-build FSO, the Pathumabaha, with 400,000 barrels storage and accommodation facilities. Installation of the new vessel was completed in early 2003.

Bongkot Optimisation System


In July 2006, PTTEP selected Aspen Technology to implement a system to optimise production from the Bongkot field.

Phase IV
Pre-project and basic engineering plans for the southern accumulations, Bongkot South, Ton Koon and Ton Nok Yoong started in June 2005. In the absence of higher quality gas with which to blend, development of these fields will require CO2 stripping. A new 22,000 tonne CPP with CO2 treatment facilities and up to 13 wellhead platforms are planned to be installed. The gas will be sent to the third trunk pipeline in the Gulf of Thailand via a tie in to the Arthit Pipeline End Manifold (PLEM) to Erawan pipeline. Phase IVA will comprise of reinterpretation of seismic data and up to nine wellhead platforms. Condensate production will be piped to the existing FSO, located in Bongkot North. This is expected to be followed by Phase IVB, which would include four wellhead platforms, with associated flowlines and wells. The Bongkot South project development was sanctioned in 2007 and the construction of the facilities began in 2009. Installation of two well head platforms (WPS1 and WPS3) were completed in Q2 2010 and another four (WSP2, WSP4, WSP5 and WSP6) in Q3 2010. Seven wells were completed on WPS1 in Q3 2010 and drilling activities are continuing on WPS1 and WPS6 as of July 2011. The platforms, WPS3 and 6, are located at Ton Nok Yoong and WPS1 is located at Ton Koon. In Q1 2011, installation of the Processing Platform (PPS) Jacket Offshore was completed and the construction of the PPS Topside, Living Quarters (QPS) Platform and Topside are still in progress. First gas from Phase IVA is expected in 2012.

Transportation
Gas
In March 1993, the first stage of PTT's US$360 million pipeline project to bring natural gas onshore from the Bongkot field was completed. This consisted of the laying of a 172 kilometre, 32-inch pipeline from Bongkot to Unocal's Erawan gas field, as well as the installation of a riser platform at Erawan, which serves as a distribution centre for the offshore gas. The Bongkot to Erawan pipeline currently has a capacity of around 1,100 mmcfd. In Greater Bongkot South, processed gas from the CPP on the South Bongkot field will be transported to the third trunk line via a 50 kilometre pipeline. Further details on the Gulf of Thailand trunkline system can be found in the infrastructure section within the country overview.

South East Asia Upstream Service - July 2011

Page 12 of 19

Bongkot Liquids

Thailand

Initial condensate production was pumped via six-inch diameter pipelines to an attendant 180,000 barrel FSO vessel, moored three kilometres away. The FSO incorporated an internal turret mooring system, and was used to receive and store condensate, which was then periodically offloaded onto shuttle tankers. The installation of a new, 400,000 barrel capacity FSO and eight-inch pipeline was completed in early 2003. See development section for further details. Produced condensate from the Greater Bongkot South will be sent to the Bongkot FSO via a 82 kilometre pipeline.

Pipeline Summary
Pipeline Type From To Length Diameter (km) (inches) 172 50 82 Capacity ('000 b/d,mmcfd) 32 1100 24 200 8

Bongkot to Erawan Gas Bongkot Area Bongkot South Gas Bongkot Spur Bongkot South Condensate Bongkot Condensate South CPP
Source: Wood Mackenzie

Erawan Bongkot South Tee Bongkot FSO

Costs
Exploration Costs
Wood Mackenzie estimates that, as of 01/07/2011, the joint venture has spent around US$510 million on exploration and appraisal activity, including an estimated US$80 million buy-in fee. Wood Mackenzie estimates the cost of drilling a well at around US$6 million including testing (2011 terms).

Exploration Costs Pre-2002 to 2010 (US$ million)


Sunk Costs Gas Total
Source: Wood Mackenzie Costs in Nominal Terms.

Pre-2002 370 370

2002 7 7

2003 -

2004 8 8

2005 8 8

2006 -

2007 42 42

2008 29 29

2009 29 29

2010 18 18

Capital Costs
It is estimated that the joint venture spent a total of around US$800 million (nominal terms) on the first two development phases, of which US$390 million was spent on Phase I. Wood Mackenzie estimates that Phase IIIA cost around US$260 million, in nominal terms, and that similar costs were expended for Phase IIIB and IIIC/D. We have included US$57 million for the replacement of the FSO as a capex item, expended in 2001 and 2002. We estimate the combined cost of Phase IIIE, F, G and H at US$947 million (nominal terms), inclusive of drilling costs. In addition to the initial cost of each phase, further expenditure has been added to the capex profile to reflect the ongoing development drilling. Future phases of development at Greater Bongkot North - IIIJ, K and L - are estimated to cost in the region of US$1 billion. Provisional estimates for Phase IV development suggest a total cost of around US$1.9 billion. The following table presents our estimate of total capital expenditure on the Bongkot area. We have also included the abandonment cost of around US$900 million at the end of field life which is not shown in the table below.

South East Asia Upstream Service - July 2011

Page 13 of 19

Bongkot

Thailand

Capital Costs Pre-2002 to 2010 (US$ million)


Product. Facilites Dev. Drilling Pipeline Total Pre-2002 946 255 1201 2002 80 39 119 2003 120 40 160 2004 110 110 2005 60 10 70 2006 95 30 125 2007 128 27 155 2008 495 160 655 2009 375 95 40 510 2010 350 102 40 492

Source: Wood Mackenzie Nominal to 2011 and real (in 2011 terms) thereafter.

Capital Costs 2011 to Post-2019 (US$ million)


Product. Facilites Dev. Drilling Pipeline Total 2011 400 125 525 2012 100 168 268 2013 100 200 300 2014 150 159 309 2015 100 80 180 2016 50 89 139 2017 80 80 2018 50 60 110 2019 50 60 110 Post-2019 -

Source: Wood Mackenzie Nominal to 2011 and real (in 2011 terms) thereafter.

Operating Costs
In 2011, operating costs are estimated at US$124 million, equivalent to US$2.70/ boe, and the unit costs are forecast to remain flat going forward.

Operating Costs 2009 to 2013 (US$ million)


Field Fixed Field Variable Total 2009 55 55 110 2010 60 60 120 2011 62 62 124 2012 76 76 152 2013 86 86 172

Source: Wood Mackenzie Nominal to 2011 and real (in 2011 terms) thereafter.

Sales Contracts
Greater Bongkot North
The Bongkot Gas Sales Agreement (GSA) was officially concluded in March 1990. Under the terms of the contract, gas is sold to PTT at the entrance to the Bongkot/Erawan pipeline. The contract called for an initial minimum delivery of 150 mmcfd, increasing to 250 mmcfd by 1995 and later amended to 350 mmcfd by 1996. A further amendment to the GSA in August 1996 allowed an increase in DCQ of 200 mmcfd to 550 mmcfd of gas from mid-1998. The contract term, tied to the Greater Bongkot North reserves, is currently estimated at 31 years, and there is a swing factor of up to 15% on the DCQ levels.

Gas pricing
Pricing for gas was based on a formula incorporating the following indices: A basket of medium fuel oils from Singapore The Wholesale Price Index in Thailand The US Index of Export Prices The Producer Price of Oil field Machinery and Tools Index The Baht/US$ Exchange Rate

The gas price is adjusted every six months. A modification to the gas pricing formula was made in April 2002. Whereas the original pricing formula incorporated the Wholesale Price Index in Thailand, following modification, and retroactive to January 2000, the formula is now indexed to the Producer Price Index. No adjustment to the base price was made. It has been estimated that the Bongkot Area achieved a gas price in 2010 of US$6.05/mcf and is expected to achieve a gas price of US$6.24/mcf in 2011.
South East Asia Upstream Service - July 2011 Page 14 of 19

Bongkot
Other gas sales arrangements

Thailand

Under the sales agreement, if gas is supplied above the contracted volume in any one year, PTT as gas buyer, has the right to decrease future gas offtake by such quantity (Carry Forward Gas). On 31st July 2001, the Bongkot partners signed an agreement with PTT to effectively compensate PTT for waiving the right to exercise the outstanding Carry Forward Gas of 19.54 bcf that had been produced over the contractual volume. This would enable gas production to be maintained at the contracted 550 mmcfd of sales gas. A further agreement was reached in relation to the 11.6 bcf additional sales gas which was produced from the field between 5 August 2001 and 1 June 2002. PTT agreed to purchase this gas in return for a one-off payment. The Bongkot partners compensated PTT with US$19.61 million on 31 August 2001, for the combined amount of 31.14 bcf. In 2003, Greater Bongkot North production was below the 550 mmcfd DCQ level. Increased average production, above the DCQ level, was seen in 2004 to compensate for previous undersupply. Further yearly letters of agreement can therefore be expected.

2005 Agreement
On 13 July 2005, the Bongkot partners signed a supplementary agreement to supply an additional 61 bcf of gas between 1 April 2005 and 1 October 2008. As part of the agreement, the partners agreed to make a one-off payment of 1,000 million Baht (US$25 million) to PTT, on the date of signing.

Greater Bongkot South


Under the Phase IV development, the southern accumulations are estimated to hold around 1.2 tcf of gas and are capable of producing at a plateau rate of around 320 mmcfd. These reserves have been contracted under a separate gas sales agreement signed in August 2009. Condensate All condensate produced is sold to PTT in Thailand, ex-FSO. Pricing is based on the arithmetic average of a basket of one condensate and three crudes posted in Singapore, less an 8.5% discount. Prices are adjusted monthly.

Taxation
The Bongkot area is taxed under Thai I terms. See country overview for further details.

Economic Assumptions
The following assumptions have been made in constructing the base case cash flow:

Oil price
Wood Mackenzie uses Brent as the benchmark blend for its oil price assumption. Prices for other crude blends are assessed in relation to Brent and then assigned a percentage (%) discount or premium on that basis. The Wood Mackenzie Brent oil price assumption in nominal terms is US$110.09/bbl in 2011, US$102.00/bbl in 2012, US$99.00/bbl in 2013, US$92.00/bbl in 2014 and US$86.59/bbl in 2015, escalating at 2.0% per annum thereafter. Crude oil and condensate from Bongkot, have been assumed to trade at an 8.5% discount to Brent and Wood Mackenzie has used this relationship to Brent as its oil price assumption for the cash flow analysis.

Gas Price
A gas price of US$6.24/mcf has been estimated for 2011. Thereafter, the gas prices are indexed to the various industrial markers mentioned in the sales contract section, as well as Wood Mackenzie's oil price assumption.

Other assumptions
Phase IV development of Greater Bongkot South starts commercial production in 2012 and the gas receives the same price as Greater Bongkot North. Our inflation rate assumption is 2.0% per annum post-2011. The cash flow is in nominal terms, discounted to 01/01/2011 using a 10% discount rate.

South East Asia Upstream Service - July 2011

Page 15 of 19

Bongkot
The corresponding GEM file name is Bongkot Area.fld

Thailand

Cash Flow
Cash Flow Dollars
Year Production Liquids Gas 000b/d mmcfd 0.0 0.0 0.0 1.2 3.2 4.0 5.1 7.3 7.7 8.8 10.5 12.1 12.9 13.5 16.6 17.8 17.7 17.5 18.0 18.9 19.3 20.1 18.8 16.9 15.5 13.9 11.3 8.0 6.1 4.2 2.6 2.2 1.7 0.0 0.0 0.0 121.6 0.0 0.0 0.0 70.0 197.0 232.0 337.0 344.0 435.0 575.0 548.0 573.4 551.5 499.0 588.0 592.0 598.0 607.3 588.0 530.0 586.0 605.0 765.0 890.0 856.0 849.0 795.0 680.0 578.0 459.0 385.0 338.0 170.0 68.0 0.0 0.0 5799.5 Total PV Rem PV Gross Revenue US$M 0.0 0.0 0.0 68.3 159.4 216.3 336.6 365.9 387.9 462.4 665.0 664.5 621.9 667.0 866.5 1095.0 1409.2 1526.1 1983.2 1467.5 1798.4 2117.0 2713.4 3134.5 2968.9 2833.1 2605.2 2193.2 1863.7 1476.4 1226.4 1088.5 573.0 210.1 0.0 0.0 39764.3 43721.8 16254.8 Op Costs US$M 6.0 10.0 30.0 34.0 43.0 46.0 51.0 57.0 55.0 53.0 72.0 85.6 56.0 55.5 66.0 96.0 70.0 90.0 90.0 110.0 120.7 124.7 154.2 177.9 173.8 174.2 164.5 141.7 122.1 98.1 92.1 82.3 43.0 18.3 0.0 0.0 2863.6 4147.2 995.2 Capital Costs US$M 17.0 98.0 140.0 141.0 140.0 188.0 119.0 158.0 111.0 40.0 71.0 135.0 166.0 160.0 110.0 70.0 125.0 155.0 655.0 510.0 492.0 525.0 273.4 312.1 327.9 194.8 153.5 90.1 126.4 128.9 0.0 0.0 0.0 0.0 1164.3 0.0 7097.3 11160.9 1925.3 Royalty US$M 0.0 0.0 0.0 8.5 19.9 27.0 42.1 45.7 48.5 57.8 83.1 83.1 77.7 83.4 108.3 136.9 176.2 190.8 268.5 220.1 269.8 317.6 407.0 470.2 445.3 425.0 390.8 329.0 279.6 221.5 184.0 163.3 86.0 31.5 0.0 0.0 5697.9 5987.3 2438.2 SRB US$M 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Income Tax US$M 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40.9 118.6 145.6 134.6 147.1 197.6 267.9 364.6 435.0 474.1 393.4 319.7 397.2 523.2 690.3 761.7 760.5 745.0 663.9 560.2 459.4 381.5 341.6 244.2 110.9 28.6 0.0 9706.8 8882.2 4096.8 Total Field Cash Flow US$M -23.0 -108.0 -170.0 -115.3 -43.5 -44.8 124.5 105.2 173.4 270.8 320.3 215.3 187.6 221.0 384.6 524.3 673.5 655.4 495.6 234.0 596.3 752.5 1355.6 1484.0 1260.2 1278.6 1151.4 968.6 775.5 568.6 569.0 501.3 200.0 49.4 -1192.8 0.0 14398.7 13544.2 6799.3

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Totals: PVs

Source: Wood Mackenzie Discounted at 10.0% from 01/01/2011

Discount Rate %

Total PV Post-Tax Pre-Tax US$M US$M

Remaining PV Remaining PV/boe Post-Tax Pre-Tax Post-Tax Pre-Tax US$M US$M US$ US$ 9721.7 8077.8 7527.2 7272.2 7029.7 6799.3 6580.2 6371.8 5805.5 4409.6 20140.2 16198.7 14946.0 14375.8 13839.3 13334.3 12858.4 12409.5 11206.9 8343.1 18.62 15.47 14.42 13.93 13.47 13.02 12.60 12.21 11.12 8.45 38.58 31.03 28.63 27.54 26.51 25.54 24.63 23.77 21.47 15.98

Total Gov. Take US$M 15404.7 14500.9 14500.4 14574.0 14696.8 14869.5 15092.9 15368.5 16527.2 25070.6

Total Remaining Remaining Gov. Take Gov. Take Gov. Take % US$M % 51.7 51.2 51.4 51.6 51.9 52.3 52.8 53.5 56.3 92.1 10418.5 8120.9 7418.8 7103.6 6809.6 6535.0 6278.2 6037.7 5401.4 3933.4 51.7 50.1 49.6 49.4 49.2 49.0 48.8 48.7 48.2 47.1

P/I Capex Opex Ratio Boe Boe US$ US$ 3.0 2.7 2.5 2.4 2.3 2.2 2.1 2.0 1.7 1.0 6.21 2.51 7.12 2.80 7.93 3.06 8.45 3.22 9.06 3.41 9.77 3.63 10.60 3.88 11.55 4.17 15.34 5.31 47.18 14.27

0.0 14398.7 29803.4 5.0 13834.5 28335.5 7.0 13712.8 28213.2 8.0 13660.0 28234.0 9.0 13605.9 28302.7 10.0 13544.2 28413.7 11.0 13467.7 28560.6 12.0 13367.7 28736.2 15.0 12819.3 29346.5 25.0 2138.7 27209.3 Source: Wood Mackenzie

South East Asia Upstream Service - July 2011

Page 16 of 19

Bongkot

Thailand

Discount Date Remaining Liquid Reserves (mmbbls) Remaining Gas Reserves (bcf) Total Remaining Reserves (mmboe) Total Reserves (mmboe) Project IRR (post tax) Company IRR (post tax) Pre-tax IRR Payback Period (years) Reserve life at current production (years) Source: Wood Mackenzie

Jan-11 44.2 2714.9 522 1142.3 25.80% 25.80% 33.05% 9.4 11.3

Split of Revenues

Cumulative Net Cash Flow - Undiscounted

Cumulative Net Cash Flow - Discounted at 10% from 01/01/2011

South East Asia Upstream Service - July 2011

Page 17 of 19

Bongkot
Remaining Revenue Distribution (Discounted at 10% from 01/01/2011)

Thailand

Remaining Present Value Price Sensitivities

South East Asia Upstream Service - July 2011

Page 18 of 19

Bongkot

Thailand

This report is published by, and remains the copyright of, Wood Mackenzie Limited ("Wood Mackenzie"). This report is provided to clients of Wood Mackenzie under the terms of subscription agreements entered into between Wood Mackenzie and its clients and use of this report is governed by the terms and conditions of such subscription agreements. Wood Mackenzie makes no warranties or representation about the accuracy or completeness of the data contained in this report. No warranty or representation is given in respect of the functionality or compatibility of this report with any machine, equipment or other software. Nothing contained in this report constitutes an offer to buy or sell securities and nor does it constitute advice in relation to the buying or selling of investments. None of Wood Mackenzie's products provide a comprehensive analysis of the financial position, assets and liabilities, profits or losses and prospects of any company or entity and nothing in any such product should be taken as comment or implication regarding the relative value of the securities of any company or entity.

South East Asia Upstream Service - July 2011

Page 19 of 19