PTTEP Denies Bribery Accusations

With the reference to a news article published in the media related to PTTEP Acquisition of Offshore MD-7 and MD-8 blocks in Myanmar, Thailand’s national energy company PTTEP has issued a statement in which it denies the intransparency and bribery of the MD-7 and MD-8 acquisition.

The company “would like to clarify that the process of direct negotiation for both blocks started in early 2010 before the current Offshore Exploration Block Bidding Round.”

“In early 2013, the Myanmar Cabinet has approved the exploration rights for those deep water blocks to PTTEP. PTTEP has the objective to synergize the exploration activities in the MD-7 and MD-8 with our exploration activities in the adjacent Thai concessions in the Andaman Sea. The MD-7 and MD-8 have not yet been explored, thus the amount of oil and gas cannot be identified.

“The company has had a long-term relationship with the Government of Myanmar for more than 20 years. PTTEP as a state-owned and national oil company of Thailand assuredly adheres to our codes of business conduct which encompass transparency. We do not compromise with any non-compliance matters. PTTEP has also been audited by the Office of the Auditor General of Thailand.”