Offshore Gas Project Awards EPCI Deal in Myanmar

Indonesian platform builder PT Gunanusa Utama Fabricators (PTG) has been awarded a second contract from Thailand’s PTTEP for Zawtika project offshore Myanmar. The initial contract, awarded in September, comprised engineering, procurement, construction and installation (EPCI) of two offshore wellhead platforms, associated pipelines and tie-ins for Phase 1C of the Zawtika Development Project. “The aggregate value […]

Energy dilemma

Myanmar needs oil and gas revenue to spur its economy and new discoveries to feed its growing energy appetite, but low oil prices could bring cutbacks in exploration. Myanmar is bracing for a rougher ride after a few years of giddy economic expansion as foreign direct investment slows amid falling oil prices and global uncertainty. […]

Coal power central to gov’t energy plans

Myanmar’s energy sector will require investment of between US$30 billion and $40 billion over the next 15 to 20 years, and should focus on coal power, according to the government’s Energy Master Plan, published last month. Domestic energy consumption is forecast to almost double to 21.9 million tonnes of oil equivalent (mtoe) in 2030 from […]

Myanmar oil and gas: optimism amid oversupplies and low prices

Despite growing calls for amending their production-sharing contracts in light of plunging oil prices, oil and gas companies operating in Myanmar are still optimistic, as gas was recently discovered in Block A-6. Xavier Preel, general manager of Total E&P Myanmar – one of the three operators of the block – said yesterday that it is […]

Oil and gas stumbles with price drop

Some offshore exploration activities have been delayed and natural gas exports are generating lower income. Benchmark West Texas Intermediate crude for October delivery traded for US$44.02 yesterday on global markets, vastly different from a year ago, when crude was above $100 a barrel. Faced with dropping prices without a commensurate drop in costs, many energy […]

PTTEP subsidiary divests in Myanmar blocks

After the divestiture, PTTEP SA’s holding in the two onshore blocks will be reduced to 70 per cent, while Moeco and Palang Sophon will each hold 10 per cent in both fields. The balance is taken up by Win Precious Resources. Tevin Vongvanich, president and chief executive of PTTEP, said the divestiture was part of […]

Bibby Clinches Myanmar Offshore Vessel Contract

Bibby Offshore, a Scottish provider of subsea installation and services to the offshore oil and gas industry, announced that its Asian Division, Bibby Offshore Singapore (BOS), has secured a contract with the Moattama Gas Transportation Company (MGTC). MGTC, a joint venture between Total (operator), Unocal, PTTEP and Myanmar Oil and Gas Enterprise, has appointed BOS […]

Thai PTTEP May Review Investment Plans if Oil Prices Fall Further

BANGKOK, Jan 6 (Reuters) – Thailand’s top oil and gas explorer, PTT Exploration and Production PCL (PTTEP), may hold off on investing in five projects including those in Myanmar, Australia and Mozambique if crude oil prices fall further. Benchmark Brent crude extended losses to touch a 5-1/2-year low of $52.28 a barrel on Tuesday, following […]

PTTEP earmarks $3.3 bn for Myanmar

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 […]

Thai Coup Leaders Trigger Oil Investment Rush Into Myanmar

The military takeover in Thailand is prompting a new push by the country’s oil companies to press for business in Myanmar, an industry analyst said. The state-owned Thai Oil Plc disclosed it is bidding for a contract to renovate and operate the Thanlyin refinery near Yangon and make other investments, and PTT Global Chemical has […]