PTTEP signed the PSC for 2 more exploration blocks in Myanmar

abarrelfullabarrelfull wrote on 06 Jun 2012 13:56
Tags: asia myanmar pttep upstream

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PTTEP today signed the Production Sharing Contract for 2 more onshore exploration blocks in Myanmar. With this success, it will thus help expanding PTTEP investment base as per its strategic plan and strengthening Thailand and Myanmar energy supply in the future. H.E. Mr. Arak Chonlathanont (นายอารักษ์ ชลธาร์นนท์), Minister of Energy of Thailand and H.E. U Than Htay, Minister of Energy of Myanmar also witnessed the signing.

Mr. Tevin Vongvanich (นายเทวินทร์ วงศ์วานิช), the President and CEO of PTT Exploration and Production Public Company Limited or PTTEP and U Htun Lynn Shein, Managing Director of Win Precious Resources Pte. Ltd. (WPR) signed a Production Sharing Contract (PSC) with U Aung Htoo, Managing Director of Myanma Oil and Gas Enterprise (MOGE) for exploration and production rights of PSC-G and EP-2 blocks.

The signing ceremony was held today (on 6 June 2012) in Nay Pyi Taw, The Republic of the Union of Myanmar. PTTEP and WPR won 2 exploration blocks; PSC-G and EP-2 blocks, out of the eighteen blocks opened for the 2011 Myanmar Onshore Blocks Bidding Round since May 2012.

These two onshore exploration blocks; namely PSC-G and EP-2 locate in the central area of the Republic of the Union of Myanmar just west of Nay Pyi Taw. PSC-G and EP-2 blocks cover the area of 13,330 and 1,345 square kilometers, respectively.

PTTEP, via its subsidiary, PTTEP South Asia Limited or PTTEP SA jointly invested in these two blocks with WPR. PTTEP SA will be operator holding 90% shares while WPR holds 10% shares. The preceding exploration results showed that there are working petroleum systems in the area. The joint venture companies plan to conduct 2-D seismic survey and to drill four wells during the next three years of exploration period with a minimum commitment of approximately 24 million USD.

Mr. Tevin said “This successful bidding will strengthen PTTEP’s investment base in Myanmar to ensure the company growth as per strategic plan and help boosting and securing the energy stability of Thailand and Myanmar in the future”.

At present, PTTEP has invested in 4 petroleum exploration and production projects in the Republic of the Union of Myanmar namely Yadana project, Yetagun project, Myanmar Zawtika project and Myanmar M3 & M11 project.

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