Thailand’s PTT to invest $3.3b in Myanmar
The Thai national oil giant PTT Exploration and Production (PTTEP) has announced that it will invest $3.3 billion in Myanmar over the next five years on drilling and exploring operations.
Chief executive officer Tevin Vongvanich said Zawtika, in the Gulf of Martaban off Myanmar’s Andaman coast, was PTTEP’s biggest offshore project. “We are going to provide oil and gas for sustainable energy supply for Myanmar and Thailand,” he said.
The oil and gas industry has so far attracted the biggest amount of foreign investment in Myanmar. As of December, Myanmar had attracted $44.2 billion in total foreign investment, 42.5 per cent in the energy sector.
PTTEP was a main sponsor of “Myanmar Oil & Gas Week”, held from February 25 to 27 to provide insight for potential investors as well as the technical, financial and legal challenges they face.
The company plans to export 300 million cubic feet per day from Zawtika to Thailand by the end of 2014. PTTEP has been working in Myanmar since 1989. It has been granted seven offshore and onshore exploration contracts, and is currently in the bidding for contracts to explore new offshore blocks. The Myanmar government is expected to announce the winners of the bids for 30 offshore blocks soon.
PTTEP also holds a 25-per-cent stake in the Yadana and Yetagun offshore gas projects being developed by Total of France and Petronas of Malaysia. Both projects are partnering with Myanma Oil and Gas Enterprise, the state oil company.
Tevin also affirmed the interest of PTT, PTTEP’s parent company, in investing in a refining complex in Myanmar. Late in 2013, Attapol Rerkpibool, in charge of overseas business at PTT, said it was among seven companies vying to develop the large complex near Yangon. In its written expression of interest, PTT proposed building a refinery with daily capacity of 50,000 barrels.
Aside from the refinery, the Thai oil and gas company hopes to make presence felt in the power-generating and coal industries. Within five years, PTT aims to open 60 fuel stations in Myanmar. To regionalise its brand, PTT will also expand the fuel-station network in Laos, Cambodia and the Philippines, Attapol added.
The Thai national oil giant PTT Exploration and Production (PTTEP) has announced that it will invest $3.3 billion in Myanmar over the next five years on drilling and exploring operations. Chief executive officer Tevin Vongvanich said Zawtika, in the Gulf of Martaban off Myanmar's Andaman coast, was PTTEP's biggest offshore project. "We are going to provide oil and gas for sustainable energy supply for Myanmar and Thailand," he said. The oil and gas industry has so far attracted the biggest amount of foreign investment in Myanmar. As of December, Myanmar had attracted $44.2 billion in total foreign investment, 42.5 per cent...
The Thai national oil giant PTT Exploration and Production (PTTEP) has announced that it will invest $3.3 billion in Myanmar over the next five years on drilling and exploring operations.
Chief executive officer Tevin Vongvanich said Zawtika, in the Gulf of Martaban off Myanmar’s Andaman coast, was PTTEP’s biggest offshore project. “We are going to provide oil and gas for sustainable energy supply for Myanmar and Thailand,” he said.
The oil and gas industry has so far attracted the biggest amount of foreign investment in Myanmar. As of December, Myanmar had attracted $44.2 billion in total foreign investment, 42.5 per cent in the energy sector.
PTTEP was a main sponsor of “Myanmar Oil & Gas Week”, held from February 25 to 27 to provide insight for potential investors as well as the technical, financial and legal challenges they face.
The company plans to export 300 million cubic feet per day from Zawtika to Thailand by the end of 2014. PTTEP has been working in Myanmar since 1989. It has been granted seven offshore and onshore exploration contracts, and is currently in the bidding for contracts to explore new offshore blocks. The Myanmar government is expected to announce the winners of the bids for 30 offshore blocks soon.
PTTEP also holds a 25-per-cent stake in the Yadana and Yetagun offshore gas projects being developed by Total of France and Petronas of Malaysia. Both projects are partnering with Myanma Oil and Gas Enterprise, the state oil company.
Tevin also affirmed the interest of PTT, PTTEP’s parent company, in investing in a refining complex in Myanmar. Late in 2013, Attapol Rerkpibool, in charge of overseas business at PTT, said it was among seven companies vying to develop the large complex near Yangon. In its written expression of interest, PTT proposed building a refinery with daily capacity of 50,000 barrels.
Aside from the refinery, the Thai oil and gas company hopes to make presence felt in the power-generating and coal industries. Within five years, PTT aims to open 60 fuel stations in Myanmar. To regionalise its brand, PTT will also expand the fuel-station network in Laos, Cambodia and the Philippines, Attapol added.
