Offshore staff

SINGAPORE -- PTT Exploration and Production Public Co. Ltd. says it soon will call for farm-out deals for its five blocks in the Gulf of Martaban offshore Myanmar. The farm-out for strategic partners follows a recent gas discovery in the region.

Suwit Pitrchart, PTTEP executive vice president for business development and international division, told participants at the Asia Upstream 2007 conference in Singapore that a recent gas discovery in block M9 is being evaluated on the prospects in the five-block area that includes blocks M 7, M4, M11, and M12. PTTEP holds 100% interest in the blocks.

PTTEP's strategy, says Suwit, is to build oil reserves internationally. The five blocks offshore Myanmar have good potential for developing joint reserves with international oil groups, he said. He explained that the farm-in pacts for the blocks will be evaluated on a case-by-case basis, taking into consideration the investment proposals of potential partners.

Calling PTTEP a gas company, given its huge gas reserves in the Gulf of Thailand and Myanmar, Suwit said the upstream company of the Petroleum Authority of Thailand is seeking new concessions in major oil producing basins in Angola, Australia, Bahrain, Bangladesh, Libya, Nigeria, Papua New Guinea, Qatar, Timor, and Venezuela.

"Since we are a gas company, we are still looking for oil, and that is why we are keen on the Middle East," Suwit said, singling out strong interest in Qatar.

Suwit also highlighted PTTEP's bilateral relations with Southeast Asian national oil companies and the recent memorandum of understanding signed with the Bangladesh national oil company PetroBangla, and the Myanmar Oil and Gas Group.

2/6/2007