In 2005 PTTEP conducted 2D seismic surveys, leading to identification of various reservoir formations in Myanmar. The Company drilled one exploration well, resulting in a natural gas discovery. However, the reserves number has not yet been identified. In 2006, the Company plans to conduct 3D seismic surveys and drill six exploration wells in order to assess the proved reserves potential and establish the production program.
Currently, PTTEP is carrying out exploration and development of natural gas at three other blocks namely M-11 (7,200 sq-km), M-3 (18,000 sq-km) and M-4 (18,000 sq-km) under a series of contracts reached with Myanmar during the last two years.
With three main large offshore and 19 onshore oil and gas fields, Myanmar possesses a total of 87 trillion cubic-feet (TCF) or 2.46 trillion cubic-meters (TCM) of gas reserve and 3.2 billion barrels of recoverable crude oil reserve, official statistics show.
PTTEP is operator and sole shareholder of five exploration blocks in the Gulf of Martaban offshore Myanmar, namely M3, M4, M7, M9 and M11.
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