Agreement Signed for Sale of Gas from Phu Horm.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Amerada Hess Corporation (NYSE NYSE See: New York Stock Exchange : AHC AHC Appalachian Hardwood Center AHC American Heritage Center (University of Wyoming, Laramie, WY) AHC American Horse Council AHC Association for History and Computing AHC Australian Heritage Commission AHC Assault Helicopter Company ), announced that an agreement has been signed for the sale of gas from the Phu Horm Field, located onshore in Northeast Thailand. Amerada Hess is the operator and currently holds a 35% interest in the Phu Horm concessions with partners APICO (35%), PTT (1) (Postal, Telegraph & Telephone) The governmental agency responsible for combined postal, telegraph and telephone services in many European countries. (2) See push-to-talk. PTT - Post, Telephone and Telegraph administration (20%) and ExxonMobil (10%). The Gas Sales Agreement (GSA (1) (Global mobile Suppliers Association, Sawbridgeworth, U.K., www.gsacom.com) A membership organization of suppliers of GSM products and services. Its goal is to promote GSM as the worldwide mobile communications standard. See GSM Association and GSM. ) provides for the supply of in excess of 500 billion cubic feet of natural gas from the Phu Horm Field over a 15 year period. The gas will be purchased by PTT Public Company Limited PTT Public Company Limited is a Thai state-owned SET-listed oil and gas company. Formerly known as the Petroleum Authority of Thailand, it now has extensive submarine gas pipelines in the Gulf of Thailand, a network of LPG terminals throughout the Kingdom, and significant and delivered to the gas-fired power station at Nam Phong. First gas is expected to be delivered before the end of 2006 at an initial rate of approximately 80 million cubic feet per day (gross), increasing gradually to an expected rate of in excess of 100 mmcf/d. Commenting on the signing, Malcolm Maclean, Vice President, said "We are pleased to have signed this agreement which paves the way for the development of Phu Horm, our first operated development in Thailand. Amerada Hess is steadily building a significant position in the Southeast Asia gas market and this development will be an important addition to our portfolio." About Amerada Hess Corporation Amerada Hess, headquartered in New York, is a global integrated energy company engaged in the exploration for and the production, purchase, transportation and sale of crude oil and natural gas, as well as the production and sale of refined petroleum products. |
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