BANGKOK: Thailand's PTT Exploration and Production Pcl (PTTEP) and Chinese energy giant CNOOC Ltd have agreed to swap stakes in oil and gas blocks in army-ruled Myanmar, the Thai firm said yesterday.
The deal would see PTTEP hand over its 20% stake in offshore gas blocks M3 and M4 to the Chinese firm in exchange for a 20% share of CNOOC’s A4 and C1 blocks, the company said in a statement.
After the swap, which still needs approval from the Myanmar government, PTTEP's remaining 80% of blocks M3 and M4 in the Gulf of Martaban will be held by its international holding company, PTTEP International.
CNOOC Myanmar Ltd will hold 61.25% of blocks A4 and C1, which it operates, and PTTEP Myanmar Ltd will own 20%.
Other shareholders in blocks A4 and C1 are China Focus Development Ltd and China-Huanqiu Contracting & Engineering Corp.
Block A4 is a gas field located off Myanmar’s Rakhine coast, while C1 is a potential onshore oil field covering 17,000 sq km.
PTTEP, a subsidiary of PTT Pcl, is looking to buy new gas and oil assets at home and abroad to increase reserves and capacity to meet rising domestic demand.
PTTEP also owns 100% of offshore Block M9, which is still under exploration in the Gulf of Martaban, south of Yangon, Myanmar’s main city. – Reuters
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