PTTEP Plans $3.3B CAPEX for Myanmar Projects for 2014-2018
Thailand's PTT Exploration and Production Public Company Limited (PTTEP) allocated $3.3 billion in capital expenditure for its projects in Myanmar between 2014 and 2018, or just over 20 percent of the $16 billion that the company has earmarked for its projects worldwide.
PTTEP indicated that the CAPEX for Myanmar will go to seven exploration projects: Myanmar M11, Myanmar M3, MOGE 3, Myanmar PSC G and EP 2, and Myanmar MD-7 and MD-8, the company revealed in a press release Tuesday.
"We've continually invested in Myanmar ... Our dedicated goal remains to conduct our business utilizing both our expertise and experience in finding and developing petroleum resources for the benefit of both the Republic of Myanmar and the Kingdom of Thailand. We are proud to have been a significant part in the exploration and production (E&P) industry over the past 25 years, and we are committed to maintain our contributions to Myanmar's exciting future," PTTEP President and CEO Tevin Vongvanich said in the press release.
PTTEP's cumulative production of natural gas and condensate from Myanmar acreages as of August reached 1.26 trillion cubic feet (Tcf) and 9 million stock tank barrels (MMstb), respectively.
On human resource, PTTEP revealed that it has hired more than 250 Myanmar workers -- or half of the firm's total workforce in the country -- to support its operations in the country. The company noted that Myanmar employees have benefited from PTTEP's human resource development program, which emphasized sharing knowledge, expertise and experience with the local employees.
"It has been PTTEP's target to develop more professionals in Myanmar's petroleum development sector by engaging additional nationals to support its expanding industry profile in the country," PTTEP added.
PTTEP extends 10 scholarships annually to academically strong high school students living in remote rural areas and scholarships in master degree level for employees of MOGE. Recently, the firm awarded scholarships for 70 Myanmar students to pursue studies in the petroleum production technology at the IRPC Technological College in the Thai eastern seaboard province of Rayong.
Looking ahead, Myanmar’s demand for power and energy is surging rapidly as the country develops. With their expertise in the energy sector, PTTEP and parent company PTT Group are ready to invest and develop energy-related infrastructure, including the E&P business, refinery business, the construction of natural gas pipelines, petrochemical and power plants.
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