Aug 6, 2011

Thai PTTEP wants partner for Myanmar project

PTT Exploration and Production Plc (PTTEP) is seeking strategic partners for joint ventures in its wholly owned Block M-11 off of Myanmar in the Gulf of Martaban.

Anon Sirisaengtaksin, the president and chief executive, said the company was in talks to offer up to a 60% interest in the exploration block this year.

PTTEP needs a partner because the deep-sea petroleum field requires a higher technology than it can provide plus new investment, he said.

The move is part of a company plan to alleviate risk from exploration and production, particularly at depths in which the company has little experience.

"The block is located a kilometre under the sea, so we really need partners," said Mr Anon.

The company's expertise is largely limited to depths of 60-100 metres.

For Myanmar's M-9 or Zawtika field, Mr Anon said PTTEP would still operate on its own. A gas production facility is under construction, with output expected to start in 2013.

PTTEP yesterday reported exploration results from the Aung Sinkha-2 well in Block M-3, indicating a natural gas flow of 25 million cubic feet per day and condensate of 150 barrels per day.

Further appraisal of the reserves is needed before production can start.

Mr Anon said his company saw much more potential in exploration and production of new fields at home and abroad

Source: Bangkok Post