French oil giant Total invests in Myanmar
Total S.A., the French multinational oil and gas company, has taken a 40 per cent stake in an oil exploration field off the coast of Myanmar in its first investment in the country since 1992.
Total bought the stake from Thailand’s PTT Exploration and Production and said PTT will remain the operator of the Block M-11 in the Martaban basin near the Yadana field. The value of the purchase was not disclosed.
Total has been active in Myanmar since 1992 and operates the offshore Yadana gas field that fuels power plants in Thailand. The company has been in the target of human rights groups for allegedly collaborating with the ruling junta, but recently received support from Myanmar’s opposition icon Aung San Suu Kyi who called Total a “responsible investor”.
Total’s equity production in Myanmar stood at 15,000 barrels of oil equivalent per day in 2011 from the Yadana field located on the offshore Blocks M5 and M6. Gas produced on the field is delivered primarily to PTT to be used in Thai power plants. The Yadana field also supplies the domestic Myanmar market via a land pipeline and, since June 2010, via a sub-sea pipeline built and operated by Myanmar’s state-owned company Myanma Oil and Gas Enterprise (MOGE).
Total and Chevron are currently the only two major Western oil companies operating in Myanmar. Thailand’s PTT is the largest foreign oil and gas investor.
Later this year, new bidding rounds for oil and gas blocks in Myanmar are expected. A number of foreign petroleum companies have already signalled their interest. However, there is some prevailing confusion about the new Myanmar investment law which is overdue,
[caption id="attachment_4418" align="alignleft" width="250"] Total has been exploiting the Yadana field off Myanmar's coast since 1992[/caption] Total S.A., the French multinational oil and gas company, has taken a 40 per cent stake in an oil exploration field off the coast of Myanmar in its first investment in the country since 1992. Total bought the stake from Thailand's PTT Exploration and Production and said PTT will remain the operator of the Block M-11 in the Martaban basin near the Yadana field. The value of the purchase was not disclosed. Total has been active in Myanmar since 1992 and operates the offshore...
Total S.A., the French multinational oil and gas company, has taken a 40 per cent stake in an oil exploration field off the coast of Myanmar in its first investment in the country since 1992.
Total bought the stake from Thailand’s PTT Exploration and Production and said PTT will remain the operator of the Block M-11 in the Martaban basin near the Yadana field. The value of the purchase was not disclosed.
Total has been active in Myanmar since 1992 and operates the offshore Yadana gas field that fuels power plants in Thailand. The company has been in the target of human rights groups for allegedly collaborating with the ruling junta, but recently received support from Myanmar’s opposition icon Aung San Suu Kyi who called Total a “responsible investor”.
Total’s equity production in Myanmar stood at 15,000 barrels of oil equivalent per day in 2011 from the Yadana field located on the offshore Blocks M5 and M6. Gas produced on the field is delivered primarily to PTT to be used in Thai power plants. The Yadana field also supplies the domestic Myanmar market via a land pipeline and, since June 2010, via a sub-sea pipeline built and operated by Myanmar’s state-owned company Myanma Oil and Gas Enterprise (MOGE).
Total and Chevron are currently the only two major Western oil companies operating in Myanmar. Thailand’s PTT is the largest foreign oil and gas investor.
Later this year, new bidding rounds for oil and gas blocks in Myanmar are expected. A number of foreign petroleum companies have already signalled their interest. However, there is some prevailing confusion about the new Myanmar investment law which is overdue,
