Thai company to explore oil in Myanmar

Herald Globe (IANS) Sunday 12th February, 2012

Thailand's state-owned PTT company will explore oil and gas in Myanmar's two onshore blocks, a media report said.

PTT Exploration and Production Plc, Thailand's largest energy company, was last month awarded a licence for the PSC-G and EP2 petroleum blocks, covering 13,000-sq km.

The company is already developing a gas field in the Gulf of Martaban.

It is expected to produce 300 million cubic feet daily by the end of next year.

Eighty percent of the gas will be exported to Thailand, while the rest will be used domestically, Mizzima News reported Monday. PTT will invest $2 billion in the project.

Myanmar has 47 oil and natural gas onshore blocks. China, which is extracting oil and gas in 23 of the inland blocks, is the largest investor. Malaysia is the second largest.

These blocks produce more than 9,300 barrels of crude oil and over 100 million cubic feet of natural gas per day.