PTTEP Plans $3 Bn Investment in Myanmar

PTT Exploration and Production (PTTEP) has plans to invest $3.3 billion in Myanmar over five years, Chief Executive Officer Tevin Vongvanich said in Rangoon on Tuesday, reports news magazine The Irrawaddy.

Vongvanich said that the company will make the significant investment in the five years from 2015.

PTTEP is working in four offshore areas in the Gulf of Martaban—M9 (Zawtika), M3, M11, MD7 and MD8, as well as three onshore oil and gas projects in central Burma. The Thai firm also holds a 25 percent stake in the Yadana gas field and 19 percent of the Yetagun field.

“The M9 block, known as the Zawtika offshore block, will be supplying natural gas for local areas within a few weeks, it will [initially] provide 100 million cubic meter per day [for Burma],” Tevin told reporters, says The Irrawaddy.

In its first phase, the Zawtika offshore block will produce 300 million cubic meters per day in total, he said.

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