Total, PTTEP equal in Myanmar project

Total, PTTEP equal in Myanmar project

Myanmar has given approval for Total E&P Myanmar Co to hold a 50% stake in the Myanmar MD-7 project in which PTT Exploration and Production Plc (PTTEP) has the other 50%.

Total was experienced in worldwide petroleum exploration and development and it will help to reduce risk and add value to the project, said Somporn Vongvuthipornchai, PTTEP president and chief executive officer.

PTTEP through PTTEP South Asia Ltd will remain the key operator in the project located offshore in Moattama Basin, covering 7,798 square kilometres, he said.

Earlier Mr Somporn said Total would initially take the lead in the implementation and later hand it to PTTEP. That would be similar to the development of the Bongkot gas field in the Gulf of Thailand in 1990 when PTTEP had been inexperienced in petroleum production.

Exploration was going on at the MD-7 site and officials expected to discover natural gas at a depth of 80 metres.

Yongyos Krongphanich, PTTEP's senior vice president for finance, said this year PTTEP expected to sell 312,000 barrels of petroleum products a day, down from 320,000 last year, due to asset sales in Oman and productivity cuts in the Montara oil and gas field in the Timor sea and in Vietnam.

PTTEP will try to maintain the margin of its earnings before interest, tax, depreciation and amortisation at 70% and its production cost per unit at US$31 per barrel like last year.

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