Thai PTTEP Signs Deal for Myanmar Onshore Block Exploration Rights

Reuters

BANGKOK, Aug 8 (Reuters) – Thailand's PTT Exploration and Production Pcl (PTTEP) said on Friday its subsidiary has signed a production sharing contract with Myanmar Oil and Gas Enterprise (MOGE) for onshore exploration and production rights of MOGE 3 block.

Its wholly-owned unit PTTEP SA plans to conduct seismic surveys and drilling campaign of four exploration wells for the first three years with a minimum investment of about $72 million, the Thai firm said in a statement.

MOGE 3 block covers 1,217 sq km and is located in central Myanmar, adjacent to the west of the Irrawaddy River.

Apart from MOGE 3, PTTEP has invested in six petroleum exploration blocks and its three production fields – Yadana, Yetagun and Zawtika – contributed output of about 75,000 barrels of oil equivalent per day, or 20 percent of the company's production, the company said.

(Reporting by Khettiya Jittapong; Editing by Muralikumar Anantharaman)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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