PTT Exploration and Production Plc (PTTEP) has entered into a partnership agreement with Total E&P Myanmar, divesting a 50% participating interest in the Myanmar MD-7 Project.
The company will collaborate with Total in the exploration and development activities in the block, which is located in the Gulf of Moattama, offshore Myanmar. The transaction has been approved by the Myanmar government, the company announcement said.
PTTEP remains the operator of the project, for which its subsidiary PTTEP South Asia Limited (PTTEP SA) was awarded the exploration rights in 2013.
Somporn Vongvuthipornchai, president and chief executive of PTTEP, said the Myanmar MD-7 Project is located in deep water. "A partner with expertise and experience in exploration and development of many deepwater projects will help us carry out the activity efficiently," he said.
Total is a long-term strategic partner with PTTEP through co-investment in various projects over the past three decades.
Block MD-7 covers an area of 7,798 square kilometres. The project is currently under the 3D seismic evaluation process to assess the block’s resource potentials.
PTTEP holds eight exploration and production projects in Myanmar. The company is the operator in the Zawtika Project, the Myanmar MD-7 Project, the Myanmar PSC G & EP 2 Project, the Myanmar M11 Project, the Myanmar M3 Project and the Myanmar MOGE 3 Project. Meanwhile, it is the joint venture partner in the Yadana Project and the Yetagun Project.
PTTEP is the only SET-listed upstream petroleum company.