PTTEP entered into a partnership with TOTAL and JX NOEX for M11 block, in Myanmar, ready to drill one exploration well by the third quarter of next year.
Mr. Tevin Vongvanich, the President and CEO of PTT Exploration and Production Public Company Limited or PTTEP disclosed that PTTEP International Limited or PTTEPI, a wholly owned subsidiary of PTTEP already selected two strategic partners, Total E&P Myanmar and JX Nippon Oil & Gas Exploration (Myanmar) Limited or JX Myanmar, a wholly owned subsidiary of JX NOEX to join-hand for M11 block. TOTAL will hold 40% shares while JX NOEX will hold 15% shares. PTTEP still remains the operator holding 45% shares. The farm-out agreement is subject to the consent of the government of The Republic of the Union of Myanmar.
Mr. Tevin said that the partner’s selection for M11 is one of PTTEP strategies to manage investment’s risk especially for deep-water exploration. Moreover, it is a good opportunity to exchange knowledge and technology between the partners and explore future investment’s opportunity together. Additionally, TOTAL from France and JX NOEX from Japan are PTTEP’s long- time strategic partners in many projects such as Bongkot, Yadana, Yetagun and B6/27 projects and both companies have recognized worldwide in oil and gas exploration technology and experience.
M11 block covers the area of 5,373 square kilometers which located in deep-water in the Gulf of Martaban, The Republic of the Union of Myanmar. PTTEP received the exploration and production right of M11 block since 2005 and later the 2-D seismic survey and petroleum geology study were finalized. In March this year, PTTEP completed 3-D seismic survey in the high potential structure area. The partnership plans to drill one exploration well within the third quarter of next year.
At present, PTTEP has invested in 5 petroleum exploration and production projects in the Republic of the Union of Myanmar namely Yadana project, Yetagun project (two projects are in production phase), Zawtika project (this project is in development phase), Myanmar M3 & M11 project and Myanmar PSC G & EP 2 project (both projects are in exploration phase).
[mappress] Press Release, September 03, 2012