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Byline: Yuthana Praiwan
Mar. 6--PTT Exploration and Production Plc (PTTEP) and its US partner Kerr-McGee have decided to return a petroleum exploration concession for the Andaman field to the government, saying the investment is not worthwhile.
Several investors have withdrawn from Andaman Sea tracts because drilling is costly and the chance of finding viable natural gas reserves is uncertain.
PTTEP president Chitrapongse Kwangsukstith said the company had a 15 percent stake in the W7/38 block, covering 1,900 square kilometres, with Kerr-McGee holding the remaining interest.
Both parties had agreed to return the concession to the ...