Myanmar: Total Buys Interest in Offshore Block M-11

Total said it has signed an agreement with PTTEP for the acquisition of a 40% interest in the Production Sharing Contract covering the offshore Block M-11 in Martaban basin.

PTTEP (PTT Exploration and Production Plc.), Thailand’s national company, will retain the operatorship. The block covers an area of 5,373 km², with a water depth of 200 to 2,300 meters. The current exploration phase contemplates a well to be drilled by Q3 2013.

Yves-Louis Darricarrère, Total’s Upstream President, commented on the signature: “With this acquisition, Total will bring its well recognized deep offshore expertise and its world-wide proven technology to contribute to exploration activities in Myanmar and potentially develop the country’s hydrocarbon resources. By doing so, Total will continue to support the country’s economic opening and growth. PTTEP is our historical partner in this region and in Myanmar where we have been cooperating successfully on the Yadana project.”

This transaction will need to be approved by Union of Myanmar Authorities.

[mappress]
LNG World News Staff, September 3, 2012