PTTEP Sells 20% Stakes in 2 Blocks in Myanmar to MOECO, Palang Sophon



Thailand's PTT Exploration and Production Public Company Ltd. (PTTEP) announced Monday that its subsidiary PTTEP South Asia Ltd (PTTEP SA) will divest 20 percent participating interests in two onshore blocks in Myanmar.

PTTEP SA revealed that the government in Myanmar has approved the transactions to reduce its partipating interests in Block PSC-G and Block EP2 to Japan's Mitsui Oil Exploration Co., Ltd. (MOECO) and Thailand's Palang Sophon Offshore Pte. Ltd., respectively.

Onshore Block PSC-G covers an area of 5,147 square feet (13,330 square kilometers) in the Central Myanmar Basin, while Block EP-2 occupies 519 feet (1,345 square kilometers) in the same area.

Partners in the new consortium are:

  • Block PSC-G
    • PTTEP SA (Operator) - 70 percent participating interests
    • Win Precious Resources Pte Ltd. (WPR) - 10 percent participating interests
    • MOECO ASIA PSCG Pte. Ltd. - 10 percent participating interests
    • Palang Sophon Offshore Pte Ltd. - 10 percent participating interests
  • Block EP2
    • PTTEP SA (Operator) - 70 percent participating interests
    • WPR - 10 percent participating interests
    • MOECO ASIA EP2 Pte Ltd. - 10 percent participating interests
    • Palang Sophon Offshore Pte Ltd. - 10 percent participating interests             

"The divestiture is part of PTTEP’s strategy in portfolio management, aiming to both add value to the project and manage risk," PTTEP said in its filling with the Stock Exchange of Thailand Monday.



WHAT DO YOU THINK?


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

RELATED COMPANIES