BANGKOK, Thailand -- PTT Exploration and Production Plc. is planning to farm out 5% of its 80% stake in five natural gas blocks in Myanmar to Oman Oil Co. Blocks M3, M4, M7, M9, and M11 are in the Gulf of Martaban.
"We need to team up with strategic partners to reduce investment risks and share investment costs," says Maroot Mrigadat PTTEP president. He expects to sign the farm-out agreement in 3Q 2007.
The deal is subject to approval from the Burmese government, which also holds 20% stake in the five blocks.