Tue 4 Sep 2012
Filed under: Business / Trade,International,News
Thailand’s top oil and gas explorer, PTT Exploration and Production Pcl (PTTEP) (PTTEP), said on Monday it had selected units of French Total SA and JX Nippon Oil and Gas Exploration Corp to be its partners in Block M11 in Myanmar.
Total E&P Myanmar will hold a 40 percent stake in the field, located in the Gulf of Martaban, while JX Nippon Oil & Gas Exploration (Myanmar) will hold 15 percent, it said in a statement.
PTTEP, the flagship in the upstream business of Thailand’s top energy firm PTT Pcl, will remain the operator with a 45 percent stake. The deal is subject to approval from Myanmar’s government.
The move is part of PTTEP’s strategy to diversify risk. It plans to drill an exploration well in the block by the third quarter of 2013.