Sep 9, 2015

PTTEP Sells 20pc Stake in Two Myanmar Blocks

Thai energy firm PTT Exploration and Production Public Company Limited (PTTEP) has sold a 20 percent stake in two onshore blocks in Myanmar through its subsidiary PTTEP South Asia Limited.

PTTEP divested its interests in onshore blocks PSC-G and EP2 to Moeco Asia Pscg Pte Ltd, a subsidiary of Mitsui Oil Exploration Co Ltd and Palang Sophon Offshore Pte Ltd, a Thai oil and gas company.

PTTEP said in a stock exchange filing, “The divestiture is part of PTTEP’s strategy in portfolio management, aiming to both add value to the project and manage risk.”

Under the terms, Mitsui and Palang both acquired 10 percent stake in the blocks each.

PSC-G covers an area of 13,330 square kilometre (sq km) and EP2 covers an area of 1,345sq km in the Central Myanmar Basin.

Following the transaction, the partners in the PSC-G and EP 2 are PTTEP (70 percent, operator), Palang (10 percent), Mitsui (10 percent) and Win Precious Resources Pte Ltd (10 percent).

Following its acquisition Japan’s Mitsui said in a statement, “Moeco has positioned Myanmar and other targeted parts of Southeast Asia as its core business area. After the acquisition of the interests in Block PSC-G and EP-2, MOECO participates six blocks in Myanmar and aims to further expand its business and pursues further acquisitions of new projects in the region and globally.”

Source: Myanmar Business Today