Jun 7, 2012

PTTEP wins exploration rights for Myanmar blocks

PTT Exploration and Production Plc (PTTEP) has won exploration rights for two onshore petroleum blocks in Myanmar.
PTTEP South Asia Ltd and Win Precious Resources Pte, a Singaporean incorporated company, were the successful bidders for blocks PSC-G and EP-2, Tevin Vongvanich, PTTEP's president and chief executive, said in a statement submitted to the Stock Exchange of Thailand (SET) yesterday.
The PTTEP subsidiary will have a 90% interest in the blocks and Win Precious Resources the rest.
Blocks PSC-G and EP-2 are located onshore in the Central Myanmar Basin, which is west of the new capital of Nay Pyi Taw. They are 13,330 and 1,345 square kilometres in size, respectively.
Investment in the blocks is in line with PTTEP's key strategic objective of expanding in Myanmar, said the statement.
In Myanmar, PTTEP currently has investments in two exploration projects, Myanmar M3 and M11; one development project, Myanmar Zawtika, which is expected to start production next year; and two joint projects in the production phase, Yadana and Yetagun.
"Myanmar is one of our focus countries in upstream petroleum, and we're also preparing gas development plans for its central government," said Mr Tevin.
He said his company plans to set up an office in Ranong province bordering Myanmar to oversee production and be used as a facility yard for exploration and production.
PTTEP shares closed yesterday on the SET at 157.50 baht, up 2.50 baht, in trade worth 387 million baht.

Source:  Bangkok Post

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