PTTEP partners with Mitsui for Block M3
PTT Exploration and Production has welcomed Mitsui for the joint development of Block M3 in Myanmar.
PTTEP International, a wholly-owned subsidiary which is the operator and sole shareholder of the block, has agreed to sell a 20 per cent stake to Mitsui Oil Exploration. The transaction is subjected to an official approval from the government of Manmar. Upon completion, PTTEPI will remain the operator of the block, holding the remaining 80 per cent interest.
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 portfoliomanagement, 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.