Total Joins PTTEP in Myanmar MD7
PTT Exploration and Production (PTTEP) has entered into an agreement with Total to divest a 50% participating interest in the Myanmar MD-7 project. Thai state-owned PTTEP however will remain operator of the project which is located in the Gulf of Moattama, offshore Myanmar.
The transaction has been approved by the government of Myanmar, PTTEP said March 9.
PTTEP's Myanmar assets (Credit: PTTEP)
“The Myanmar MD-7 project is located in deepwater area. Therefore, having the partner who has expertise and experience in exploration and development of many deepwater projects will help us to carry out the activity of the Myanmar MD-7 project more effectively,” Somporn Vongvuthipornchai, president and CEO of PTTEP, said.
Block MD-7 covers an area of 7,798 km2. PTTEP South Asia, a subsidiary of PTTEP, was awarded the exploration rights in 2013. The project is currently under the 3D seismic evaluation process to assess the block’s resource potentials.
PTTEP holds eight exploration and production projects in Myanmar.
Shardul Sharma