Thailand's PTTEP, Myanmar to sign contract

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BANGKOK, May 29 (UPI) -- Thailand's PTTEP said it hopes to sign a petroleum-sharing contract with Myanmar's government in June.

Officials at PTT Exploration and Production Plc said they are optimistic about concluding a petroleum-sharing contract with the Myanmar government in early June to conduct oil and natural gas exploration in two onshore petroleum concession blocks.

"We're just waiting for the confirmation date for the G and EP2 Blocks from the Myanmar government," PTTEP Chief Executive Officer Tevin Vongvanich said in a Bangkok Post report.

"A tentative date has already been set for early next month. Myanmar is one of our focus countries in upstream petroleum, and we're also preparing gas development plans for its central government."

In January PTTEP was awarded exploration and production concessions in the G and EP2 petroleum blocks, which cover more than 5,000 square miles. PTTEP operates four natural gas blocks in Myanmar at Yadana and Yetakun, which collectively produce 1.1 billion cubic feet per day for the Thai domestic market.