Investment budget set till end-2018 as energy giant celebrates 25th year in neighbouring country
PTT Exploration and Production (PTTEP) will invest a total of US$3.3 billion (Bt106.4 billion) in Myanmar through to the end of 2018, president and CEO Tevin Vongvanich said after celebrating the listed company’s 25th anniversary of successful operations in the neighbouring country.
The silver jubilee celebration, held in Yangon on September 12 with guests of honour including U Zay Yar Aung, Myanmar’s energy minister, and his Thai counterpart, Narongchai Akrasanee, marks a new milestone in a cooperation that serves the best interests of both countries, said the chief executive.
The $3.3 billion in capital expenditure that PTTEP has set aside for its Myanmar works between 2014 and 2018 accounts for about 20 per cent of the $16 billion the company has earmarked for its overall projects during the period, he added.
The allocation will go towards seven exploration projects: Myanmar M11, Myanmar M3, MOGE 3, Myanmar PSC G and EP 2, and Myanmar MD-7 and MD-8.
PTTEP has been an active joint-venture partner in Myanmar’s two key offshore gas production projects – Yadana and Yetagun – which came on line in 1995 and 1997, respectively.
The onshore Myanmar MOGE 3, Myanmar PSC G and EP 2 projects are PTTEP’s latest acquisitions, following the recent conclusion of a production-sharing contract to step up the company’s presence in upstream works in the country.
An extensive exploration drilling programme has commenced in blocks Myanmar PSC G and EP 2, and the company will further expand into offshore areas late this year, said Tewin.
As of end-August, PTTEP’s cumulative production of natural gas and condensate from Myanmar acreages topped 1.26 trillion cubic feet and 9 million stock tank barrels, respectively. More than 250 Myanmar workers are engaged in PTTEP’s activities in the republic, representing half of the total workforce EMPLOYED by the company in Myanmar.
They have benefited from PTTEP’s human-resource development programme, which emphasises sharing knowledge, expertise and experience with local employees, said the CEO.
It is PTTEP’s target to develop more professionals in Myanmar’s petroleum-development sector by engaging additional nationals to support its expanding industry profile in the country, he added.
During the 25th anniversary celebration, the two countries’ energy ministers shared views on cooperation in oil and gas industry development to serve increasing energy demand in Myanmar.
PTTEP’s chief took this opportunity to discuss with U Zay Yar Aung the development plan for exploration and production business in the country.
The Myanmar energy minister expressed his appreciation to PTTEP for its capabilities and professionalism in the exploration and production business – and for its social responsibility. Myanmar’s demand for power is surging rapidly in line with the country’s development. With extensive expertise in the energy sector, PTTEP and PTT Group are ready to invest in and develop energy-related infrastructure, including the exploration and production business, refinery business, and the construction of natural-gas pipelines, and petrochemical and power plants, said Tewin.
Source: THE NATION