JX Nippon Oil & Gas Buys Stake in Myanmar Offshore Gas Block

JX Nippon Oil & Gas Exploration Corporation has entered into a farm-out agreement with PTTEP International Limited for a natural gas exploration block in Myanmar, namely Block M-11 offshore Myanmar.

As per the agreement, JX Myanmar earned 15% of working interest from the 100% working interest of PTTEPI while PTTEPI retains 45% working interest and the operatorship. One exploratory well is planned to be drilled by the third quarter in 2013.

The Japanese fiem has been investing in Myanmar since it acquired the working interests in Block M-13 and 14, offshore Myanmar in 1991 and the working interests in Block M-12 in 1992. Yetagun Gas Field which lies in Block M-12, 13 and 14 continues the stable production since the year 2000.