PTTEP to invest $3.3b in oil and gas projects

State-owned Thai oil firm PTT Exploration and Production Plc (PTTEP) will spend US$3.3 billion over the next five years to develop gas projects throughout Myanmar, company executives announced last week.

The firm, one of Thailand’s largest, currently has funds in seven oil and gas projects in the country and plans in part to use its latest allocation to begin extraction operations this year at a gas field project in the Gulf of Martaban called the Zawtika Project.

“Zawtika will produce firstly at the rate of 300 million cubic feet per day … and offer significant benefits for both Myanmar and Thailand,” the firm stated in a press release dated February 27. “Both countries will share its gas production to meet their growing energy appetite and to support other development in their respective countries.”

PTTEP also plans to expand its in-country investment through mergers and acquisitions “with the focus on producing or near-term producing assets in order to increase production and proved reserves,” the statement reads.

About 27 percent of Thailand’s electricity consumption is generated by natural gas from Myanmar, which is exported at the rate of 1.1 billion cubic feet per day.

In addition to the Zawtika Project, PTTEP has contracts for oil and gas exploration and production projects in the offshore block M-3, which is expected to begin in 2018, as well as offshore blocks M-11, MD-7, MD-8 and onshore blocks PSC-G and EP-2, according to the release.

PTTEP is one of 30 oil conglomerates seeking to win an exploration licence for one of Myanmar’s coveted 30 offshore blocks currently up for grabs.

Source: Myanmar Times

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