US supermajor Chevron is taking a fresh look at its Ubon gas condensate offshore development in the Gulf of Thailand, which was suspended about two years on economic grounds.

Market sources told Upstream there had been reports in the Thai capital Bangkok that Chevron was looking to reawaken the Ubon project.

Sources also told Upstream that Chevron has approached certain contractors in the oilfield services sector about potential opportunities at the Thai project.

A spokesperson for the US operator confirmed to Upstream that “work is under way to optimise the development concept for the project”.