PTT Exploration and Production has roped in Total and JX Noex to drill an exploration well at the M11 block in Myanmar by the third quarter of next year.
Tevin Vongvanich, president and chief executive officer of PTTEP, said yesterday the wholly owned subsidiary PTTEP International would be the operator with 45 per cent of the shares, while Total E&P Myanmar with 40 per cent and JX Nippon Oil & Gas Exploration (Myanmar), a wholly owned subsidiary of JX Noex, with 15 per cent would be the strategic partners.
The farm-out agreement is subject to the consent of the Myanmar government.
The selection of partners for M11 is part of PTTEP’s strategy to manage investment risk especially for deep-water exploration. France’s Total and Japan’s JX Noex are PTTEP’s long-time strategic partners in many projects such as Bongkot, Yadana, Yetagun and B6/27.
M11 covers 5,373 square kilometres of deep water in the Gulf of Martaban.
PTTEP won the exploration and production concession in 2005 and later the two-dimensional seismic survey and petroleum geologic study were finalised.
In March of this year, PTTEP completed a 3D seismic survey in the high-potential-structure area.
PTTEP has five petroleum exploration and production projects in Myanmar – Yadana, Yetagun with two projects in the production phase, Zawtika under development, M3 & M11, and PSC G and EP 2 with both projects under exploration.