PTTEP farms-out an interest in Myanmar MD-7 Project to Total

Energy Press Releases Tuesday March 14, 2017 12:54
Bangkok--14 Mar--PTTEP
Total will hold 50% participating interest
The transaction corresponds with the company's risk management in exploration projects

PTT Exploration and Production Public Company Limited (PTTEP) has entered into a partnership agreement with Total E&P Myanmar to divest 50% participating interest in the Myanmar MD-7 Project, while PTTEP remains the operator of the project. The company will collaborate with Total in the exploration and development activities in the block, which is located in the Gulf of Moattama, offshore Myanmar. The transaction has been approved by the government of the Republic of the Union of Myanmar.

Seeking a strategic partner in the Myanmar MD-7 Project corresponds with PTTEP's risk management policy. And by bringing in a partner who has extensive experience in deepwater operations would enhance overall capacity of the consortium.

Somporn Vongvuthipornchai, President and Chief Executive Officer of PTTEP, said "The Myanmar MD-7 Project is located in deepwater area. Therefore, having the partner who has expertise and experience in exploration and development of many deepwater projects will help us to carry out the activity of the Myanmar MD-7 Project more effectively. This would be in the best and mutual benefits of both parties, and also of Myanmar. Additionally, Total is our long-term strategic partner who has been co-investing in various projects with PTTEP in the past 30 years."

Located in the Gulf of Moattama, block MD-7 covers an area of 7,798 square kilometers. PTTEP South Asia Limited (PTTEP SA), a subsidiary of PTTEP, was awarded the exploration rights in 2013. The project is currently under the 3D seismic evaluation process to assess the block's resource potentials.

PTTEP holds eight exploration and production projects in Myanmar. The company is the operator in the Zawtika Project, the Myanmar MD-7 Project, the Myanmar PSC G & EP 2 Project, the Myanmar M11 Project, the Myanmar M3 Project and the Myanmar MOGE 3 Project. Meanwhile, it is the joint venture partner in the Yadana Project and the Yetagun Project.


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