PTTEP signs PSC for MOGE 3 onshore exploration block in Myanmar
08 Aug 14

  • PTTEP and the joint venture partners sign the PSC with MOGE for MOGE 3 block in Nay Pyi Taw, the Republic of the Union of Myanmar
  • Four exploration wells were planned with the minimum USD 72 million investment for the first 3 years
  • Strengthen energy security for both Thailand and Myanmar

Today, (8 August 2014) PTTEP South Asia Limited or PTTEP SA, a wholly owned subsidiary of PTTEP, Palang Sophon Offshore Pte. Ltd and Win Precious Resources Pte. Ltd. (WPR) signed a Production Sharing Contract (PSC) with Myanma Oil and Gas Enterprise (MOGE) for onshore exploration and production rights of MOGE 3 block.

At the signing ceremony, Mr. Kanok Intharawijitr, Senior Vice President, Myanmar Asset of PTTEP SA; Mr. Charn Sophonpanich, Director of Palang Sophon Offshore and U Htun Lynn Shein, Managing Director of WPR, signed a PSC with U Myo Myint Oo, Managing Director of MOGE. H.E. Mr. Pisanu Suvanajata, Ambassador of Thailand to Myanmar and H.E. U Zay Yar Aung, Minister of Energy of Myanmar, are the honorable guests at the ceremony in Nay Pyi Taw, the Republic of the Union of Myanmar.

MOGE 3 block (Padaukpin-Natmi area) covers 1,217 square kilometers, 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% share in the block, Palang Sophon Offshore 10% and WPR 5%. 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 72 million.

"This investment in Myanmar is a significant operational progress in line with PTTEP long term growth direction to explore the high potential areas. If this exploration yields a successful result, it will thus secure both Thailand and Myanmar energy supply in the future" said Mr. Tevin Vongvanich, President and CEO of PTTEP.

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% of the company's production.

For more information, please contact Media Management Section
Tongchit Pongorapin Tel. +66 (0) 2537 4587 E-mail: tongchitp@pttep.com
Vanduan Vijintanasarn Tel. +66 (0) 2537 5418 E-mail: vanduanv@pttep.com

Disclaimer
The information, statements, forecasts and projections contained herein reflect the Company's current views with respect to future events and financial performance. These views are based on assumptions subject to various risks. No assurance is given that these future events will occur, or that the Company's future assumptions are correct. Actual results may differ materially from those projected.



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