An Australian company has begun an oil drilling operation in Phichit province where they expect to find deposits containing approximately 16.6 million barrels of crude oil.

Deputy Prime Minister Sanan Kachornprasart, Australian Ambassador to Thailand James Wise and Governor of Phichit province Suwit Watcharoteyangkul presided over the ceremony to commence drilling at the CVN5 oil well in Bueng Narang, Phichit province.

The Australian owned Carnavon Thailand has been granted the petroleum exploration and drilling concessions in Phichit province.

TAN Network