The Thai national oil giant PTTEP has announced that it will invest US$3.3 billion in Myanmar over the next five years.
PTT Exploration and Production (PTTEP) held a press conference in Yangon on Tuesday where it outlined its drilling and exploring operations in Myanmar.
“Zawtika is the biggest offshore among the PTTEP projects. We are going to provide oil and gas for sustainable energy supply for Myanmar and Thailand,” said Tevin Vongvanich, chairman and CEO of PTTEP.
The company plans to export 300 million cubic feet per day (MMcfd) from Zawtika to Thailand by the end of this year.
The oil and gas company has been working in Myanmar since 1989. It was granted seven offshore and onshore oil and gas exploration contracts, and is currently in the bidding for contracts to explore new offshore blocks.
PTTEP also holds a 25 percent stake in the Yadana and Yetagun offshore gas projects being developed by TOTAL of France and Petronas from Malaysia. Both projects are partnering with Myanmar’s Oil and Gas Enterprise.
According to statistics from Myanmar Investment Commission (MIC), foreign investment in Myanmar oil and gas sectors topped the list with over US$ 14 billion.
Source: ELEVEN Myanmar