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PTT Exploration and Production Co. Ltd. (PTTEP) signed the production sharing contract for two more onshore exploration blocks in Myanmar. This contract will help to expand PTTEP’s investment base and strengthen Thailand’s and Myanmar’s energy supply in the future, said the company.
The signing ceremony was in Nay Pyi Taw, the Republic of the Union of Myanmar. Tevin Vongvanich, president and chief executive officer of PTTEP, and U Htun Lynn Shein, managing director of Win Precious Resources (WPR) Pte. Ltd., signed the PSC with U Aung Htoo, managing director of Myanma Oil and Gas Enterprise, for exploration and production rights of the PSC-G and EP-2 blocks.
H.E. Arak Chonlathanont, minister of energy of Thailand, and H.E. U Than Htay, minister of energy of Myanmar, also witnessed the signing.
These two onshore exploration blocks, PSC-G and EP-2, are in the central area of the Republic of the Union of Myanmar just west of Nay Pyi Taw. The PSC-G and EP-2 blocks cover an area of 13,330 sq km and 1,345 sq km, respectively.
PTTEP, via its subsidiary, PTTEP South Asia Ltd., jointly invested in these two blocks with WPR. PTTEP SA will be operator, holding 90% shares, while WPR will hold 10% shares.
The preceding exploration results showed that there are working petroleum systems in the area. The joint venture companies plan to conduct 2D seismic survey and to drill four wells during the next three years of exploration period with a minimum commitment of approximately $24 million.