Thailand’s state-owned energy exploration firm joins French and Japanese companies to search for gas and oil resources in Myanmar. Thailand’s state-owned PTTEP has entered a partnership with France’s TOTAL and Japan’s JX NOEX for the M11 block, in Myanmar, ready to drill one exploration well by the third quarter of next year.
President/CEO Tevin Vongvanich of PTT Exploration and Production (PTTEP) said the Thai firm’s wholly-owned subsidiary PTTEP International Limited (PTTEPI) has selected two strategic partners, Total E&P Myanmar and JX Nippon Oil & Gas Exploration (Myanmar)
Ltd (JX Myanmar), to jointly explore the M11 block.
TOTAL will hold 40 per cent of shares while JX NOEX will hold 15 per cent shares. PTTEP remains as operator with 45 per cent of the shares. Their farm-out agreement is subject to the consent of the Myanmar government.
Mr Tevin said that the PTTEP’s partner selection for M11 is a strategy to manage the investment risk, especially for deep-water exploration. He said it represents a good opportunity to exchange knowledge and technology between the partners and explore future investment opportunities together.