PTTEP signs PSC for Myanmar onshore block exploration rights
BANGKOK, Thailand -- PTT Exploration and Production Public Company Limited, or PTTEP, reported that, on 8 August 2014, the consortium consisting of PTTEP South Asia Limited (PTTEP SA), a subsidiary of PTTEP, Palang Sophon Offshore and Win Precious Resources Pte. Ltd. (WPR), signed a Production Sharing Contract (PSC) with Myanma Oil and Gas Enterprise (MOGE) for exploration and production rights of block MOGE 3, the Republic of the Union of Myanmar as a result from the Myanmar Onshore Blocks Bidding Round 2013.
The consortium consists of PTTEP SA (the Operator), Palang Sophon Offshore and WPR with participating interests of 85%, 10% and 5% respectively. Block MOGE 3 (Padaukpin-Natmi Area) is located onshore in the Central Myanmar Basin, with the approximate acreages of 1,217 sq kms.
Exploration investment in block MOGE 3 is in line with PTTEP’s key strategic objective in expanding investment in the Republic of the Union of Myanmar.