PTTEP partners Mitsui to develop Block M3 in Myanmar

PTT Exploration and Production has announced Mitsui Oil Exploration as its partner for the development of Block M3 in Myanmar.

PTTEP International, a wholly-owned subsidiary of PTT and the operator and sole shareholder of the block, agreed to sell a 20 per cent stake to Mitsui Oil Exploration. The transaction is subject to an official approval from the government of Myanmar. Upon completion, PTTEP will remain operator of the block, holding a majority interest of 80 per cent.

Block M3 in the Gulf of Martaban covers 6,206 square kilometres. In 2011, natural gas was discovered in the exploration well, Aung Sinkha-2.

Naming the new partner "is a part of PTTEP's strategy in portfolio management, aiming to both add value to the project and manage risk. The project is currently progressing with the appraisal programme to evaluate the reserves potential," said Asdakorn Limpiti, executive vice president for Strategy and Business Development Group and acting president and Chief Executive Officer of PTTEP.