PTTEP enters new Myanmar joint-venture exploration deal
PTT Exploration and Production yesterday signed a production-sharing contract for two more onshore exploration blocks in Myanmar.
This will help expand PTTEP’s investment base as per its strategic plan and strengthen energy supply for both Thailand and Myanmar in the future, the company says.
President and chief executive officer Tevin Vongvanich and Htun Lynn Shein, managing director of Win Precious Resources (WPR), signed a production-sharing contract with Aung Htoo, managing director of Myanma Oil and Gas Enterprise for exploration and production rights of PSC-G and EP-2 blocks.
These two onshore exploration blocks are in central Myanmar just west of Nay Pyi Taw, the capital. PSC-G block covers 13,330 square kilometres and EP-2 covers 1,345 square kilometres.
PTTEP, via its subsidiary PTTEP South Asia, jointly invested in these two blocks with WPR. PTTEP SA will be the operator holding a 90-per-cent share while WPR holds 10 per cent.
Exploration results have shown that there are working petroleum systems in the area. The joint-venture companies plan to conduct two-dimensional seismic surveys and drill four wells during a three-years exploration period with a minimum commitment of about US$24 million (Bt755 million).
So far, PTTEP has invested in four petroleum exploration and production projects in Myanmar: the Yadana, Yetagun, Myanmar Zawtika and Myanmar M3/M11 projects.
