Jul 7, 2013

More natural gas deposit found in Myanmar offshore block

The PTTEP of Thailand has found new natural gas deposit from three more test wells at M-3 Mottama offshore block in Myanmar, official media reported Sunday.

The three test wells Aung Thinkha- 4, 5 and 6, which were drilled in February and May 2013, are yielding 4.38 million cubic feet and 20 barrels of condensate, 5 million cubic feet and 30 barrels of condensate and, 14.34 million cubic feet and 2,000 barrels of condensate per day, said the New Light of Myanmar.

The PTTEP, which is carrying out joint venture with state-run Myanmar Oil and Gas Enterprise (MOGE), has been conducting drilling of the Aung Thinkha test wells since March 2011 and first found yielding of 25.14 million cubic feet per day from Aung Thinkha-2 that year.

The MOGE said the new gas deposit found in the block will be mainly reserved for domestic use.

The PTTEP has been engaged in gas exploration at other offshore blocks and has found large and commercial gas deposits at several test wells since 2005.

Myanmar has abundance of natural gas resources especially in the offshore areas. With three main large offshore oil and gas fields and 19 onshore ones, Myanmar has proven recoverable reserve of 18.012 trillion cubic feet (TCF) out of 89.722 TCF's estimated reserve of offshore and onshore gas, experts said.

The country is also estimated to have 3.2 billion barrels of recoverable crude oil reserve, official statistics indicate.

Foreign oil companies engaged in oil and gas exploration and production in Myanmar include Australia, Britain, Canada, China, Indonesia, India, South Korea, Malaysia, Russia, Singapore and Vietnam in addition to Thailand.

The statistics reveal that foreign investment in Myanmar's oil and gas sector had reached 14.372 billion US dollars at the end of February 2013, accounting for 34.14 percent of the country's foreign investment.

Source: Global Times

 
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