PTTEP and CNOOC swap Burma stakes

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Thailand's PTT Exploration Production (PTTEP) and China National Offshore Oil Corporation (CNOOC) have agreed to swap stakes in oil and gas blocks in Burma.


The deal, which still needs approval from the Burmese government, will see PTTEP swap 20% of its stake in blocks M3 and M4 to CNOOC for a 20% share in CNOOC’s A4 and C1 blocks, reported Reuters.

PTTEP will still hold an 80% stake in blocks M3 and M4, situated in the Gulf of Martaban, while CNOOC will retain a 61% share of blocks A4 and C1.

Block A4 is a gas field located off Burma's Rakhine coast, while C1 is a potential onshore oil field covering 17,000 square kilometres.

Other shareholders in blocks A4 and C1 are China Focus Development and ChinaHuanqiu Contractig & Engineering.