PTTEP South Asia has signed a production sharing contract (PSC) with Myanma Oil and Gas Enterprise (MOGE) for onshore exploration and production rights of MOGE 3 block
“This investment in Myanmar is a significant operational progress in line with PTTEP long term growth direction to explore the 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.”
MOGE 3 block (Padaukpin-Natmi area) covers 1,217 square kilometres, located in central Myanmar, adjacent to the west of the Irrawaddy River. PTTEP and the joint venture partners won this onshore exploration block opened for the 2013 Myanmar Onshore Blocks 2nd Bidding Round.
The joint venture partners include PTTEP SA, the operator with 85 per cent share in the block, Palang Sophon Offshore 10 per cent and WPR 5 per cent. PTTEP SA plans to conduct the 2D and 3D seismic surveys and drilling campaign of four exploration wells for the first 3 years period with the minimum investment commitment of approximately USD 72m.
Apart from MOGE 3, PTTEP has invested in six petroleum exploration blocks. Two are onshore blocks namely PSC G and EP 2 and the four offshore blocks, namely, M3, M11, MD-7 and MD-8. The production projects are Yadana, Yetagun and Zawtika which contribute the total production rate of approximately 75,000 barrels of oil equivalent per day (BOED) equivalent 20 per cent of the company’s production.
At the signing ceremony, Kanok Intharawijitr, senior vice-president of the Myanmar asset of PTTEP SA, Charn Sophonpanich, director of Palang Sophon Offshore and U Htun Lynn Shein, managing director of WPR, signed the PSC with U Myo Myint Oo, managing director of MOGE.
Pisanu Suvanajata, ambassador of Thailand to Myanmar and U Zay Yar Aung, minister of energy of Myanmar, were guests at the ceremony in Nay Pyi Taw, the Republic of the Union of Myanmar.
Source: OIL & GAS TECHNOLOGY