PTTEP Signs PSC for Onshore Myanmar Block

PTT Exploration and Production Public Company Limited (PTTEP) on Friday announced that the consortium consisting of PTTEP South Asia Limited (PTTEP SA), a subsidiary of PTTEP, Palang Sophon Offshore and Win Precious Resources Pte. Ltd. (WPR), signed a Production Sharing Contract (PSC) with Myanma Oil and Gas Enterprise (MOGE) for exploration and production rights of Block MOGE 3 as a result from the Myanmar Onshore Blocks Bidding Round 2013.

PTTEP SA (the Operator), Palang Sophon Offshore and WPR with participating interests of 85%, 10% and 5% respectively. Block MOGE 3 (Padaukpin-Natmi Area) is located onshore in the Central Myanmar Basin, with the approximate acreages of 1,217 sq kms.

Exploration investment in block MOGE 3 is in line with PTTEP’s key strategic objective in expanding investment in Myanmar, the Thai firm stated.

Earlier this week,. PTTEP said that Zawtika gas field in Myanmar has commenced supplying natural gas for use in Thailand.

PTTEP is the operator and owns 80 percent in the project while the rest 20 percent is held by Myanma Oil and Gas Enterprise (MOGE).

The Thai firm added that it is currently ramping up production to a rate of 240 million standard cubic feet per day (MMSCFD), which is the daily contract quantity as stipulated in the Gas Sales Agreement, PTTEP said in a statement.

The project began delivering natural gas for domestic use in Myanmar since March 2014, at a rate of approximately 60 MMSCFD. 

The Zawtika project is the largest overseas offshore producing gas field operated by PTTEP.