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.


Latest Press Release

ET Energy เตรียมสร้างโรงไฟฟ้าพลังงานแสงอาทิตย์ 61MWp ในมาเลเซีย

ET Energy ผู้พัฒนาและผู้ประกอบการพลังงานสะอาดชั้นแนวหน้าของโลก ประกาศว่า บริษัทร่วมกับพันธมิตร Northwest Electric Power Design Institute Co., Ltd. ("NWEPDI") ซึ่งเป็นบริษัทในเครือ China Power Engineering Consulting Group...

PEA teams up with Messe Frankfurt and The Exhibiz to open Thailand Lighting Fair 2017 under the theme of Smart City Safe City during 16-18 November 2017 at BITEC Bangna

Thailand's Provincial Electricity Authority (PEA), Messe Frankfurt New Era, and The Exhibiz Co Ltd today open Thailand Lighting Fair 2017, ASEAN's leading trade fair on lighting technology, design and solutions. The event is being held for the third...

ET Energy to Build 61MWp Solar Project for UiTM in Malaysia

ET Energy, a global leading clean energy developer and operator has announced today that the company together with its partner Northwest Electric Power Design Institute Co., Ltd. ("NWEPDI") of China Power Engineering Consulting Group, have inked the...

World#s Largest BiOPV Roof Installation Using Heliatek#s HeliaSol(R)

Today ENGIE, Heliatek and the Department of Charentes-Maritimes inaugurated the world's largest BiOPV installation on a roof. 500 m2 of Heliatek's solar films were installed on the roof of the "Pierre Mendes France" middle school in La Rochelle, France....

Cepsa Analyzes World Trends and Socio-Economic Models in its 2030 Energy Map

Cepsa Energy Outlook 2030 is a research piece that presents what the energy mix will look like in 2030. The document answers questions such as what countries and technologies will meet fuel demands, what the impact of energy efficiency measures will be,...

Related Topics