PTTEP divests 50% participating interest in Myanmar project
PTT EXPLORATION and Production has entered a partnership agreement with Total E&P Myanmar to divest its 50-per-cent participating interest in the Myanmar MD-7 Project, while PTTEP remains the operator of the project.
The company will collaborate with Total in the exploration and development activities in the block, which is located in the Gulf of Mottama, part of the Andaman Sea off Myanmar. The transaction has been approved by the Myanmar government.
PTTEP says seeking a strategic partner in the Myanmar MD-7 Project corresponds with the company’s risk-management policy. By bringing in a partner that has extensive experience in deepwater operations is expected to enhance the overall capacity of the consortium.
Somporn Vongvuthipornchai, president and chief executive officer of PTTEP, said the Myanmar MD-7 Project was located in a deepwater area.
“Therefore, having a partner with expertise and experience in exploration and development of many deepwater projects will help us to carry out the activity of the Myanmar MD-7 Project more effectively. This would be in the best and mutual benefits of both parties, and also of Myanmar.
“Additionally, Total is our long-term strategic partner, which has been co-investing in various projects with PTTEP for the past 30 years.”
Block MD-7 covers an area of 7,798 square kilometres. PTTEP South Asia, a subsidiary of PTTEP, was awarded the exploration rights in 2013. The project is currently under the 3D seismic-evaluation process to assess the block’s resource potentials.
PTTEP holds eight exploration and production projects in Myanmar. The company is the operator in the Zawtika Project, the Myanmar MD-7 Project, the Myanmar PSC G & EP 2 Project, the Myanmar M11 Project, the Myanmar M3 Project and the Myanmar MOGE 3 Project.
Meanwhile, it is a joint-venture partner in the Yadana Project and the Yetagun Project.
