PTT Exploration and Production (PTTEP) and its investment partners have signed a production-sharing contract (PSC) with Myanma Oil and Gas Enterprise (MOGE) for onshore exploration and production rights for the MOGE 3 block.
Four exploration wells are planned for MOGE 3 block at an initial cost of $72m for the first three years.
Located in central Myanmar to west of the Irrawaddy River, the MOGE 3 block covers 1,217km² in the Padaukpin-Natmi area.
PTTEP South Asia is the operator, with an 85% share in the MOGE 3block, while Palang Sophon Offshore and Win Precious Resources hold 10% and 5% interest respectively.
PTTEP and its partners won exploration rights in the second round of onshore bidding in 2013.
PTTEP president and CEO Tevin Vongvanich said: "This investment in Myanmar is a significant operational progress in line with PTTEP long-term growth direction to explore the high potential areas.
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By GlobalData"If this exploration yields a successful result, it will thus secure both Thailand and Myanmar energy supply in the future."
PTTEP has also invested in six petroleum exploration blocks, including two onshore blocks, PSC G and EP 2, and four offshore blocks, M3, M11, MD7 and MD8.
The fields are part of the Yadana, Yetagun and Zawtika projects contributing 75,000 barrels of oil equivalent per day.
