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NEWS UPDATES 11 August 2010

PTT seeks Myanmar project partners

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Thailand's largest energy operation, PTT Exploration and Production, is seeking partners to invest in its five petroleum fields in the Gulf of Martaban off Myanmar, says CEO Anon Sirisaengtaksin.

The state-owned Myanmar Oil and Gas Enterprise (MOGE) is expected to hold 15 percent to 20 percent, with the remaining shares held by PTTEP and others in five other blocks.

The company has been talking with unnamed potential partners. Only one block has a gas purchase agreement, signed on July 30 with parent firm PTT and Myanmar Oil and Gas Enterprise. PTTEP will pump natural gas from Zawtika, one of the wells in the block, amounting to 300 million standard cubic feet per day in 2013, with 240 of that sold to PTT.

The four other blocks will start exploration next year. Meanwhile, higher-than-expected average daily output has led PTTEP to revise up its second-half production estimate by 3.7 percent to 263,400 barrels of oil equivalent per day from 254,000.

It reported total proven oil and gas reserves worldwide at 1.1 billion barrels of oil equivalent at the end of last year, up from 944 million in 2008.

PTTEP also plans to expand gas production in the Malaysia-Thailand Joint Development Area to 335 million cubic feet a day from 252 million now.

In next year's second half, two new crude oil units will start - Australia's Montara field, pumping 35,000 barrels a day, and Vietnam's block 16-2, producing 40,000 barrels per day.

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