PTT Exploration and Production (PTTEP) has entered a partnership agreement with Total E&P Myanmar to divest 50% participating interest in the Myanmar MD-7 project, offshore Myanmar.
Operator PTTEP will collaborate with Total in the exploration and development activities in the block. The deal has been approved by the government of the Republic of the Union of Myanmar.
Located in the Gulf of Moattama, block MD-7 covers an area of 7798sq km.
PTTEP South Asia (PTTEP SA), a subsidiary of PTTEP, was awarded the exploration rights in 2013. The project is currently under the 3D seismic evaluation process to assess the block’s resource potentials.
Seeking a strategic partner in the Myanmar MD-7 Project corresponds with PTTEP’s risk management policy. And by bringing in a partner who has extensive experience in deepwater operations would enhance overall capacity of the consortium, says PTTEP.
“The Myanmar MD-7 project is located in deepwater area. Therefore, having the partner who has expertise and experience in exploration and development of many deepwater projects will help us to carry out the activity of the Myanmar MD-7 project more effectively,” says Somporn Vongvuthipornchai, PTTEP president and CEO.