PTTEP & CNOOC Ink Asset Swap Deal
PTTEP and CNOOC Limited have entered an asset swap transaction for gas fields in Myanmar. Mr. Anon Sirisaengtaksin, PTTEP Chief Executive Officer, said that significant success had been made in talks with CNOOC Ltd. over asset swap deals for oil and gas fields in Myanmar. On April 9, 2008 PTTEP signed an agreement to swap stakes of 20% interest in M3 and M4 blocks with A4 and C1 blocks held by CNOOC Ltd. The agreements are subject to an approval from Myanmar authorities.
Mr. Anon added that "We are delighted to have an investment with CNOOC Ltd. which is the largest offshore oil and gas producer in China and has strong expertise in petroleum exploration and production. The company sees this success as a major step in energy cooperation between China and Thailand. The agreement not only opens an opportunity for technology transfer and to share experiences in petroleum exploration and production but also further business expansion.
M3 and M4 blocks, which have good potential of natural gas, are situated in the Gulf of Martaban in the Union of Myanmar. Under the agreement, the partners comprise PTTEP International Limited, a subsidiary of PTTEP, as the operator with 80% interest and CNOOC Ltd. with 20% interest.
A4 Block, which has high potential of natural gas, is situated offshore in Rakhine and C1 block, which has crude oil potential, is situated onshore in the northwestern part of the Union of Myanmar. Under the agreement, the partners comprise PTTEP Myanmar Limited, a subsidiary of PTTEP with 20% interest. CNOOC Ltd. as the operator with 61.25% interest, the other two partners, China Focus Development Limited (CFDL) and China Huanqiu Contracting & Engineering Corporation (HQCEC), hold the rest participation interests in these blocks.
PTTEP and CNOOC Ltd. have plans to jointly conduct seismic acquisition and interpretation and to drill at least one exploration well in each block.
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