French oil group Total has acquired a 40% interest in the production sharing contract covering offshore block M-11 in the Martaban basin, from PTT Exploration and Production (PTTEP), for an undisclosed sum.
PTTEP, Thailand’s national company, will retain the operatorship of the block, which covers an area of 5,373km² with a water depth of 200m to 2,300m.
The company is exploring the possibilities of drilling a well by the third quarter of 2013, as part of the current exploration phase.
Total upstream president Yves-Louis Darricarrere said that the acquisition will help the company to use its expertise and technology to contribute to exploration activities in Myanmar.
"By doing so, Total will continue to support the country’s economic opening and growth," Darricarrere said. "PTTEP is our historical partner in this region and in Myanmar where we have been cooperating successfully on the Yadana project."
The agreement is subject to approval by the Union of Myanmar Authorities, the company said.
Total also operates Yadana field in Myanamar with an equity stake of 31.2%, which is located on the offshore Blocks M5 and M6.
The Yadana field supplies the domestic market via a land pipeline and, since June 2010, via a sub-sea pipeline built and operated by Myanmar’s state-owned company MOGE.