PTTEP South Asia Ltd (PTTEP SA), Palang Sophon Offshore Pte Ltd and Win Precious Resources Pte Ltd (WPR) signed a production sharing contract (PSC) with Myanma Oil and Gas Enterprise (MOGE) for onshore E&P rights of MOGE 3 block.
MOGE 3 block (Padaukpin-Natmi area) covers 1,217 sq km in central Myanmar, adjacent to the west of the Irrawaddy River. PTTEP and the joint venture (JV) partners won the onshore exploration block in the 2013 Myanmar Onshore Blocks 2nd Bidding Round.
PTTEP SA plans to conduct 2D- and 3D-seismic surveys and a drilling campaign of four exploration wells in the first three-year period, with a minimum investment commitment of approximately $ 72 million.
The investment in Myanmar is a significant step in line with PTTEP’s long-term plan to explore high-potential areas, said Tevin Vongvanich, President and CEO of PTTEP. “If this exploration yields a successful result, it will thus secure both Thailand and Myanmar energy supply in the future.”
Apart from MOGE 3, PTTEP has invested in six petroleum exploration blocks – two onshore blocks, PSC G and EP 2, and four offshore blocks, M3, M11, MD-7 and MD-8. The production projects are Yadana, Yetagun andZawtika,which contribute approximately 75,000 bbl of oil equivalent per day, equivalent to 20% of the company’s production.
PTTEP SA holds 85% in the JV as operator, with Palang Sophon Offshore at 10% and WPR at 5%.