facebook
twitter
rss
account
search
search
 

Thailand's PTTEP lands Myanmar contract

Signing comes amid worries of Myanmar backslide.
By Daniel J. Graeber   |   Aug. 8, 2014 at 9:55 AM   |   Comments

| License Photo
NAYPYITAW, Myanmar, Aug. 8 (UPI) -- Thai energy company PTTEP said Friday it signed a production sharing contract for onshore exploration in Myanmar in the nation's capital, Naypyitaw.

Thailand's PTT Exploration and Production signed a contract with Myanmar Oil and Gas Enterprise for onshore exploration and production rights of MOGE 3 block. The company said it aims to drill as many as four wells during the first three years under a deal valued at an initial $72 million.

"This investment in Myanmar is a significant operational progress in line with PTTEP long term growth direction to explore the high potential areas," PTEEP President and Chief Executive Officer Tevin Vongvanich said in a statement. "If this exploration yields a successful result, it will thus secure both Thailand and Myanmar energy supply in the future."

The company gave no indication of the reserve potential at the onshore block.

International investors have moved into the wake created when Myanmar earned relief from economic sanctions when in 2010 it ended a long period of military rule through general elections. Human rights groups have said it was those sanctions that brought about reforms in the first place.

Yanghee Lee, U.N. special envoy to Myanmar, said in July there were "worrying signs of possible backtracking" in the country.

Follow @dan_graeber and @UPI on Twitter.
Contact the Author
© 2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
EU demands solution to gas crisis EU demands solution to gas crisis
2
Bakken oil pipeline, Sandpiper, delayed Bakken oil pipeline, Sandpiper, delayed
3
All staff back in Iraq, Gulf Keystone Petroleum says All staff back in Iraq, Gulf Keystone Petroleum says
4
Shale boom driving gas prices lower, AAA says Shale boom driving gas prices lower, AAA says
5
Raytheon to supply components for Israel's Iron Dome interceptor Raytheon to supply components for Israel's Iron Dome interceptor
Trending News
x
Feedback