PTTEP to Rope in Partners for Myanmar Oil, Gas Block
Thailand's PTT Exploration and Production (PTTEP) will share its offshore oil and natural gas project in Myanmar with other two foreign oil companies.
The Thai energy firm, which is the operator of M-11 project of Muttama, will rope in Total E&P Myanmar and Nippon Oil & Gas Exploration (JX Myanmar). The company has already submitted the allocation plan to the government.
Post the deal, PTTEP will hold 45 percent, Total 40 percent, and JX NOEX 15 percent respectively. These three partners will also cooperate in technologies, skills and financial sectors for this project.
M11 block covers the area of 5,373 square kilometers which located in deep-water in the Gulf of Martaban,. PTTEP received the exploration and production right of M11 block in 2005.