Oil giant Chevron Corp is considering a sale of its roughly US$500 million stake in its Thailand gas field.
As Chevron moves to sell, the Thai government is moving to negotiate a better return from the very same petroleum concessions.
The US oil company has held preliminary talks about selling the stake to PTTEP which owns 80% of the gas field and is the operator of the gas field.
PTT Exploration & Production (PTTEP) is the country's largest publicly listed oil and gas explorer.
Chevron is reportedly seeking to divest some Asian assets to weather a global slump in energy prices.
Chevron is the largest US oil producer after Exxon Mobil Corp.
The company is not only selling assets, it is also cutting headcount and cancelling drilling projects to conserve cash after oil prices last year fell to the lowest level in more than a decade.
The company also wants to sell its stake in an Indonesian oil and natural gas field.
A planned sale of its Asian geothermal assets could fetch as much as $3 billion.
PTTEP, on the other hand, is reportedly considering investment opportunities amid the rout in global oil prices.
PTTEP is interested in strategic investments and assets that are producing or about to start production in Thailand and other Southeast Asian countries.