Total joins PTTEP in deepwater Myanmar block
PTT Exploration and Production Public Co. has agreed to divest a 50% interest to Total in the MD-7 project offshore Myanmar.
The partnership, led by PTTEP, will pursue exploration and development activities in the block, which is located in the Gulf of Moattama. The transaction has been approved by the government of the Republic of the Union of Myanmar.
Somporn Vongvuthipornchai, president and CEO 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…Total is our long-term strategic partner who has been co-investing in various projects with PTTEP in the past 30 years.”
The block covers an area of 7,798 sq km (3,011 sq mi). PTTEP South Asia Ltd. was awarded the exploration rights in 2013 – currently the block is undergoing 3D seismic evaluation.
PTTEP has eight exploration and production projects in Myanmar. Aside from Myanmar MD-7 the company operates the offshoreZawtika, Myanmar PSC G & EP 2, M11, M3 and MOGE 3 projects. It is also a partner to Total in the offshore Yadana development and in the Yetagun project.