June 26, 2008
Bangkok - PTT Exploration and Production (PTTEP) signed a deal with Myanmar to drill for natural gas, according to energy ministry.
The agreement is to develop the M9 in the Gulf of Martaban.
PTTEP will collaborate with Myanmar Oil and Gas Enterprise to develop the field. But the value of the deal was not revealed.
Energy Minister Poonpirom Liptapanlop said the deal was very important and beneficial for Thailand to obtain natural gas to serve its rising energy needs, and to enhance the country's long-term energy security.
The field is expected to produce 300 million cubic feet of gas per day and contain 8.0 trillion cubic feet of gas.
Thailand imports about 20 percent of its gas from Myanmar and is vying for a bigger share of its vast natural resources.
According to 2006 official figures, 13 foreign oil companies are working on 33 projects in the country.
