PTTEP International Ltd (PTTEPI), a wholly-owned subsidiary of PTT Exploration and Production Plc, has selected two partners for the exploration of Block M11 in Myammar.
Total E&P Myanmar Ltd and JX Nippon Oil & Gas (Myanmar) Ltd will hold a 40 per cent stake and a 15 per cent stake, respectively, in Block M11. PTTEPI will hold the remaining 45 per cent participation interest, the Thai company said in a statement to the Stock Exchange of Thailand The transaction is subject to official approval from the government of the Republic of the Union of Myanmar.
Block M11 covers the area of 5,373 square kilometres, off the Gulf of Martaban.
"Introduction of partners into Block M11 is a part of PTTEP’s strategy in portfolio management, aiming to both add value to the project and manage risk. PTTEPI and its partners plan to drill an exploration well in Block M11 by the third quarter of 2013," said PTTEP President and CEO Tevin Vongvanich.