PTTEP Acquires Larger Stake in Yetagun Project

PTTEP's subsidiaries; PTTEP International Limited (PTTEPI) and PTTEP Offshore Investment Company Limited (PTTEPO), which have a 14.1667% participation interest in the Yetagun project, Union of Myanmar agreed with other joint venture partners to exercise its right under the Joint Operating Agreement (JOA) to purchase interests owned by Premier Petroleum Myanmar Limited (PPML) in the Yetagun project after PPML decided to withdraw its investment in this project. This will affect an additional 5.1511% participation interest of PTTEPI and PTTEPO in the Production Sharing Contracts of Blocks M-12, M-13, and M-14 located in the gulf of Mataban, Union of Myanmar, and in the Yetagun Gas Export Pipeline, respectively.

Dr. Chitrapongse Kwangsukstith, PTTEP President added "PTTEPI and PTTEPO together with their partners started the negotiation with PPML as per the First Right of Refusal under the JOA since mid of last year. The transaction is expected to be completed within today. This investment will provide additional revenues from natural gas and condensate production as well as additional petroleum reserves"

After the purchase, the joint venture partners of Yetagun project is PPML, Petronas Carigali Myanmar Inc. (PCMI), Myanma Oil and Gas Enterprise, Nippon Oil Exploration (Myanmar) Limited, PTTEPI and PTTEPO. PPML, as part of the affiliate group of PCMI, will be the Operator.

PTTEP will spend the amount of approximately US $78 million for this acquisition. By this investment, PTTEPI's and PTTEPO's participation interest will increase to 19.3178% effective from September 30, 2002.

Our Privacy Pledge

Most Popular Articles
Related Articles

Brent Crude Oil : $51.38/BBL 2.44%
Light Crude Oil : $50.43/BBL 2.26%
Natural Gas : $3.14/MMBtu 0.94%
Updated in last 24 hours