The cabinet on Tuesday gave the nod to four ministerial regulations that will set criteria for production-sharing contracts (PSCs) and service contracts (SCs) as alternatives that would allow society as a whole to benefit from the petroleum business.

The move would also pave the way for the government to proceed with opening the 21st round of bidding for oil and gas exploration and production (E&P), a crucial aspect of the national energy plan.

According to Kobsak Phutrakul, assistant minister to the Prime Minister's Office, the four ministerial regulations will be submitted later to the Council of State for vetting and are expected to come into force by October.
The criteria will be applied to the 21st round of petroleum bidding, he said.

According to Mr Kobsak, the ministerial regulations will call for SCs if an oilfield could potentially produce more than 300 million barrels of oil per oilfield or 4 million barrels per oil well.

Likewise, the rules will mandate SCs if a gas field could potentially produce more than 3 trillion cubic feet of natural gas or 40 billion cubic feet per gas well.

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