PTTEP marks silver jubilee in Myanmar
- Business & Finance
Thailand’s PTT Exploration and Production Public Company Limited (PTTEP) celebrates its 25th anniversary of successful operation in Myanmar.
The silver jubilee celebration, held in Yangon with guests of honor including H.E. U Zay Yar Aung, Union Minister, Myanmar’s Minister of Energy and his Thai counterpart Narongchai Akrasanee, the recently appointed Minister of Energy marks a new milestone in the cooperation.
PTTEP President and CEO Tevin Vongvanich marked the special occasion by underlining the Thai company’s long-term commitments in Myanmar.
“We’ve continually invested in Myanmar with great respect to the nation and the people. Our dedicated goal remains to conduct our business utilizing both our expertise and experience in finding and developing petroleum resources for the benefit of both the Republic of Myanmar and the Kingdom of Thailand. We are proud to have been a significant part in the E&P industry over the past 25 years, and we are committed to maintain our contributions to Myanmar’s exciting future,” said PTTEP President and CEO Tevin Vongvanich on Friday at the celebratory event.
As of August 2014, PTTEP’s cumulative production of natural gas and condensate from Myanmar acreages topped 1.26 trillion cubic feet (TCF) and 9 million stock tank barrels (MMSTB), respectively.
The $3.3 billion in capital expenditure PTTEP has set aside for its Myanmar works between 2014 and 2018 is accounted for 20% of $16 billion the company has earmarked for its overall projects in the period.
The allocation for Myanmar will go towards seven exploration projects: Myanmar M11, Myanmar M3, MOGE 3, Myanmar PSC G and EP 2, and Myanmar MD-7 and MD-8.
PTTEP has been an active joint venture partner in Myanmar’s two key offshore gas production projects – the Yadana and Yetagun – which came on line in 1995 and 1997, respectively.
The onshore Myanmar MOGE 3, Myanmar PSC G and EP 2 are PTTEP’s latest acquisition following the recent conclusion of a production sharing contract (PSC) to step up the company’s presence in the upstream works there. Extensive exploration drilling program has started in Block PSC G and EP 2 and we further expand into offshore areas late this year.
Zawtika On Stream
PTTEP says that the coming on-stream of Zawtika gas field on March 18 this year amplifies the significance of PTTEP’s 25th anniversary in Myanmar and a leading role it plays in developing new petroleum resources in that country.
Initial Zawtika gas from the offshore field has been delivered to mainland Myanmar for domestic use.
Zawtika production has been ramped up to 300 million cubic feet per day (MMSCFD) and is shared by both Thailand and Myanmar.
Zawtika is of great importance for the company from the perspective of it being the first PTTEP-operated gas field in Myanmar and in which the company has engaged right from the exploration stage.
PTTEP has an 80% stake in the project with a 20% share held by state-owned Myanma Oil and Gas Enterprise (MOGE).
Related: Zawtika gas flows to Thailand
Human Resource Development
More than 250 Myanmar workers are engaged in PTTEP’s activities in the republic, representing half of total workforce employed by PTTEP in Myanmar.
They have benefitted from PTTEP’s human resource development program that emphasized on sharing knowledge, expertise and experience with the local employees.
It has been PTTEP’s target to develop more professionals in Myanmar’s petroleum development sector by engaging additional nationals to support its expanding industry profile in the country.
The Way Forward in Myanmar
During the occasion, both Energy Ministers discussed and shared their opinions towards the cooperation in the oil and gas industry development to serve the increasing demands in Myanmar.
PTTEP President and CEO took this opportunity to discuss with the Energy Minister of Myanmar about the development plan of the E&P business in the country. The Myanmar Energy Minister also expressed his appreciation to PTTEP for its capabilities, professionals in the E&P business and social responsibilities in his country.
PTTEP explains that Myanmar’s demand in power and energy is surging rapidly during the country development and that PTTEP and PTT Group are ready to invest and develop energy-related infrastructure, including the E&P business, refinery business, the construction of natural gas pipelines, petrochemical and power plants.