PTTEP May Invest $25 Million in Myanmar Gas Fields

Thailand's PTT Exploration and Production PCL may invest $25 million to explore new potential gas fields in Myanmar following its plan to sign a production sharing contract with the government there, Business Day reports.

Thai Prime Minister Thaksin Shinawatra said the Myanmar government has decided to allow PTTEP to explore potential oil and gas fields in Myanmar, the report says.

A company official said PTTEP executives are scheduled to sign the production sharing contract with Myanmar on Aug. 7, according to the report. PTTEP will hold concessions on the Block M3 and M4 gas fields which have a combined area of about 18,000 square kilometers.

The two are located next to the Yanada field where PTTEP holds a concession and currently produces natural gas.

The M3 and M4 fields were used by Myanmar Oil and Gas Corporation, a state-owned enterprise. The company's preliminary survey showed these two fields have a high potential to produce natural gas commercially as they are located next to the Yanada field, Business Day says.