PTTEP Wins Two Exploration Blocks Offshore Myanmar

Myanmar has agreed to award exploration rights in two natural gas blocks to Thailand's PTT Exploration & Production, Thai Energy Minister Prommin Lertsuridej said Wednesday. The two offshore blocks have estimated probable reserves of 1.5 trillion to 7.5 trillion cubic feet, Prommin told reporters.

The signing ceremony for the agreement has been tentatively set for November 12. Exploration drilling is expected to start in 2005.

The blocks are located in the Gulf of Martaban between Myanmar's Yadana gas field and Yetagun gas field. Myanmar's government and PTTEP will jointly develop the field, holding 50% each.

The anticipated reserves of the field are expected to extend the life of Thailand's natural gas reserves by another five to six years. Thailand currently has natural gas reserves lasting for 30 years.