PTTEP signs Myanmar JV

PTTEP signs Myanmar JV

PTT Exploration and Production Plc (PTTEP), the only SET-listed upstream
petroleum company, has secured a partner with which to invest in the MD-7
project in Myanmar.

President and chief executive Somporn Vongvuthipornchai said PTTEP agreed to
partner with Total E&P Myanmar, which will hold a 50% participating interest
in MD-7, while PTTEP remains the operator of the project.

He said PTTEP will collaborate with Total in exploration and development
activity in the block, which is in the Gulf of Martaban off the coast of
Myanmar.

The transaction has been approved by the Myanmar government, Mr Somporn
said.

The plan to seek a strategic partner on the project is in line with PTTEP's
risk management policy to join with local firms with extensive experience in
deep-water operations, enhancing overall capacity.

"The Myanmar MD-7 project is located in a deep-water area," he said. "Having
a partner with expertise and experience in exploration and development for
many deep-water projects will help us to carry out activity in the project
more effectively."

The MD-7 block spans 7,798 square kilometres.

PTTEP South Asia Ltd, a subsidiary of PTTEP, was awarded the exploration
rights in 2013. The project is undergoing 3D seismic evaluation to assess
the block's resource potential.

PTTEP is involved in eight exploration and production projects in Myanmar.

The company is the operator of the Zawtika project, the Myanmar MD-7
project, the Myanmar PSC G & EP 2 project, the Myanmar M11 project, the
Myanmar M3 project and the Myanmar MOGE 3 project.

It is a joint venture partner in the Yadana and Yetagun projects.

PTTEP is also accelerating its exploration and production plan for
Australia's Montara offshore block to capitalise on rising oil prices.

The company expects to commence work in the block by the third quarter this
year, earlier than the previous plan that pegged 2018 as the start date.

PTTEP shares closed yesterday on the Stock Exchange of Thailand at 91.50
baht, up 50 satang, in trade worth 686 million baht.

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Link to Original Article:
http://www.bangkokpost.com/business/news/1211249/pttep-signs-myanmar-jv

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com