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PTTEP to invest US$ 3.3 billion in Thailand, Myanmar in 2019

Thai national oil company PTT Exploration and Production (PTTEP) is expecting to spend a total of US$3.3 billion in 2019 to continue its activities in at the Zawtika gas field in theGulf of Moattama, Myanmar.

Around 55 percent will be channeled towards investments required for more regular production and storage expansion, with long term development in mind, while the remaining will be used to maintain its daily operations, according to Phongsthorn Thavisin, CEO of PTTEP.

The bulk of PTTEP’s capital expenditure (capex) will be used to raise production levels at existing fields in Myanmar and Thailand. These include the S1 Project, the Bongkok Project, the Arthit Project and the MTJDA Project in Thailand and the Zawtika Project in Myanmar.

Funds will also be channeled towards building new storage facilities to support higher levels of production, as well as accelerating exploration activities to build up a pipeline of reserves over the long term. Exploration will involve drilling appraisal wells in Myanmar.

The company intends to participate in Myanmar’s offshore oil and gas tenders later this year, officials told The Myanmar Times in November.

The Ministry of Energy and Electricity will invite international tenders for up to 31 oil and gas exploration fields in early 2019. The last round of exploration and production tenders was held under the former government in 2014.

The ministry is now also revising the terms and conditions of production sharing contracts so that they are more attractive to the winning bidders in the upcoming tender exercise.

PTTEP currently has five projects in Myanmar. The first is the Zawtika project in the M-9 offshore block which has started producing gas. The second one is in the M-3 block which is in development stage. The remaining projects – MOGE-3, MD-7 and M-11 – are in exploration stage.

The company plans to continue its exploration and production activities in Myanmar for the long term. Over the next five years, its spending plan is projected to total US$16 billion, which includes capex in Myanmar.

PTTEP is aiming to sell 318,000 barrels of oil equivalent per day over the period.

SOURCE: MYANMAR TIMES

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