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NEWS UPDATES 29 July 2010

PTTEP to sign gas deal with Burma

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PTT Exploration and Production Plc (PTTEP) will sign on Friday an agreement to purchase natural gas from M9 or Zawtika Field with Myanmar Oil and Gas Enterprise (MOGE), the national oil firm of Burma, Energy Minister Wannarat Channukul said on Thursday.

Mr. Wannarat told the Bangkok Post he will visit Burma tomorrow to witness the signing of the deal.

“This is good news for Thailand as PTTEP has succeeded in finding an overseas energy source to ensure energy security for the country,” the minister said. The M9 field has an estimated total natural gas reserve of 1.4 trillion cubic meters. MOGE will supply 240 million cubic metres a day to Thailand and another 60 million for domestic sales, according to Mr Wannarat.

Under the 30-year agreement, MOGE will start supplying natural gas to PTTEP in 2013. He said the gas pact will ensure sufficient natural gas for the production of electricity for domestic use and for vehicles running on natural gas.

The natural gas to be supplied by the Burmese state firm would help reduce imports of bunker oil by about 2.4 billion litres a year and save the country about 400 billion baht annually, he said. This deal would also lengthen the Trans-Asean gas pipeline from the current 2,800km to 3,020km and help ensure energy security in the Asean region, Mr Wannarat said.

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