PTTEP has entered into a partnership agreement with Total E&P Myanmar to divest 50 per cent participating interest in the Myanmar MD-7 (block of sea-space) project. Total and PTTEP teamed up for exploration and development activities in the block, which is located in the Gulf of Moattama. The government has given its approval for Total E&P Myanmar to hold a 50 per cent stake in the MD-7 project while PTTEP remains the operator of the project.
Block MD-7 covers an area of 7,798 square kilometers and located in a deepwater area. 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. Exploration was going on at the MD-7 site and officials expected to discover natural gas at a depth of 80 metres.
Somporn Vongvuthipornchai, Chief Executive Officer of PTTEP, said “Bringing in a partner who has expertise and extensive experience in deepwater operations will help us to carry out the activity of the project more effectively. As Total was experienced in worldwide pertroleum exploration and development, it will help to reduce risk and add value to the project. Total would initially take the lead in the implementation and later hand it to PTTEP.” He added PTTEP will remain the key operator in the project.
