U.S. energy major Chevron Corp has opted to continue negotiations with Thailand ...
BANGKOK - U.S. energy major Chevron Corp has opted to continue negotiations with Thailand rather than seek arbitration to resolve a dispute over who should pay for removing offshore oil and gas platforms, the company told Reuters on Wednesday.
“We have agreed to temporarily suspend the arbitration process to allow more time for resolution discussions,” a Chevron spokesman told Reuters. Minister of Energy Sontirat Sontijirawong said in July he wanted to resolve the dispute as a matter of urgency to avoid an arbitration process, but that the issue was complicated.
The new law would require Chevron to pay the future costs of decommissioning all the infrastructure it has installed at the Erawan field, including still usable assets it will transfer to PTTEP free of charge. Neither Chevron nor the ministry would disclose the amount of the requested payment when asked by Reuters. However, local newspaper Thansettakij has reported it as around 75 billion baht , citing industry sources.Other operators in Thailand are watching the dispute closely in case it changes their future liabilities for assets in Thailand.
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