PTTEP unit joins JV in Myanmar

Corporate August 09, 2014 01:00

By The Nation

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PTTEP South Asia, a wholly owned subsidiary of PTT Exploration and Production, Palang Sophon Offshore, and Win Precious Resources (WPR) have signed a production sharing contract (PSC) with Myanma Oil and Gas Enterprise (MOGE) for onshore exploration and p

The block in the Padaukpin-Natmi area covers 1,217 square kilometres in central Myanmar, adjacent to the west bank of the Irrawaddy River. PTTEP and its joint-venture partners won this onshore exploration block opened for the 2013 Myanmar Onshore Blocks Second Bidding Round.
PTTEP SA is the operator with an 85-per-cent share in the block, while Palang Sophon Offshore has 10 per cent and WPR 5 per cent. 
PTTEP SA plans to conduct two- and three-dimensional seismic surveys and drilling campaigns with four exploration wells for the first three years with a minimum investment commitment of about US$72 million (Bt2.3 billion).
“This investment in Myanmar is a significant operational progress in line with PTTEP’s long-term growth direction to explore high-potential areas. If this exploration yields a successful result, it will secure both Thailand’s and Myanmar’s energy supply in the future,” said Tevin Vongvanich, president and chief executive of PTTEP.  
Apart from MOGE 3, PTTEP has invested in six petroleum-exploration blocks in Myanmar. Two are onshore, namely PSC G and EP 2, and four offshore, namely M3, M11, MD-7 and MD-8. Producing projects are Yadana, Yetagun and Zawtika, which contribute an approximate total of 75,000 barrels of oil equivalent per day (BOED), or 20 per cent of the company’s production.