Tue 3 Aug 2004
Filed under: Business / Trade,News
Exploration of the other two, M7 and M9 will begin next year. The gas from these sites has been sold to the electricity generation plants in Rachaburi and Ayutthaya.
The first two, which came on line nearly ten years ago, are in Yadana and Yetagun. PTT currently has investments in four sites in Myanmar to produce oil and gas. Industry experts believe this indicates that there is great potential for the commercial production of oil from PTT’s concessions. A large deposit of oil and gas has been found in the two concessions M3 and M4 by the state-run Myanmar Oil and Gas.
The first phase of exploration will cost more than 25 million US dollars, or one billion baht, said the PTT source. This would allow a thorough survey to be completed before any investment is made in extraction.Â If commercially viable quantities of petroleum are found in that time, PTT will be granted exploration rights for a further three years.
Under the contract, the company will have exploration rights for a year to survey for deposits of crude oil in Blocks M3 and M4, which has a combined area of 18,000 square metres in the Gulf of Myanmar.
A delegation, led by Thai Energy Ministry, Dr. Prommin Lertsuridej, will sign a production-sharing contract with the Myanmar government on 10 August, a PTT source told TNA.Â The Myanmar government will allow PTT to survey for oil in two new areas near the Yanada deposit, according to the
Prime Minister, Thaksin Shinawatra.