Total Expands in Myanmar with Offshore Acquisition
French oil major Total announced Monday that it was expanding its activities in Myanmar after acquiring a 40-percent interest in the offshore Block M-11 from Thai state oil company PTTEP.
Block M-11 is located in the Martaban basin and covers an area of approximately 2,065 square miles in a water depth of around 650 to 7,550 feet. An exploration well is expected to be drilled within the block by the third quarter of 2013.
"With this acquisition, Total will bring its well-recognized deep offshore expertise and its world-wide proven technology to contribute to exploration activities in Myanmar and potentially develop the country’s hydrocarbon resources," commented Total upstream president Yves-Louis Darricarrère in a company statement.
"By doing so, Total will continue to support the country's economic opening and growth. PTTEP is our historical partner in this region and in Myanmar where we have been cooperating successfully on the Yadana project."
Total's equity production in Myanmar was 15,000 barrels of oil equivalent perd ay in 2011. It currently operates the Yadana field, located offshore Myanmar, in which it has a 31.2 percent stake.
The deal is just the latest in a number of deals to be announced between Myanmar and international oil companies as the country's military government continues to make what U.S. President Barrack Obama said in July were "important economic and political reforms".
In July, restrictions were eased on U.S. business investment in Myanmar's oil and gas sector, while at around the same time Myanmar invited foreign energy firms to explore 23 offshore oil and gas blocks.
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