April 11, 2008
Bangkok - PTT Exploration and Production (PTTEP) and its new business partner China National Offshore Oil Corporation (CNOOC) signed a deal to swap their petroleum exploration rights in Myanmar.
PTTEP's chief executive Anon Sirisaengtaksin revealed PTTEP and CNOOC successfully reached an agreement to swap their assets in Myanmar.
Under the agreement, PTTEP will swap stakes of 20 percent interest in the M3 and M4 blocks with the A4 and C1 blocks held by China National Offshore Oil Corporation.
"The agreement not only opens an opportunity for technology transfer and to share experiences in petroleum exploration and production, but also further business expansion," he said.
The offshore M3 and M4 blocks in the Gulf of Martaban covers 18,000 square metres.
The A4 block off Myanmar's western Rakhine coast has a high potential for natural gas, while C1 block is onshore and has potential for crude oil.
Gas exports reportedly earned the regime 2.7 billion dollars last year, making natural gas the country's single biggest export.
PTTEP also plans to let an Omani oil company hold 5% stake in its M9 field, and is waiting for Burmese government’s approval for the plan.
