By an OGJ Correspondent
BANGKOK, Sept. 15 -- The four remaining international stakeholders in the 2.92 tcf Yetagun gas-condensate field off Myanmar and its related transmission system have purchased the ownership interest relinquished by UK-based Premier Oil PLC. Premier sold its interest after shareholders pressured it to withdraw from the country, which has a record of human rights abuse.
Subsidiaries of Malaysian state oil firm Petronas Carigali Sdn. Bhd, Thailand's PTT Exploration & Production PCL (PTTEP), Nippon Oil Co. of Japan, and state-run Myanma Oil & Gas Enterprise (MOGE) increased their stakes in the production venture on a pro rata basis based on their previous holding rates.
As a result, Petronas increased its holding to 40.9102% from 30.0014%, making it the largest stakeholder in the production sharing license that covers Blocks M-12, M-13, and M-14 in Myanmar's Gulf of Martaban and in the offshore-onshore gas pipeline to Thailand.
MOGE boosted its holding to 20.4541% from 15%, while PTTEP and Nippon Oil increased their stakes to 19.3178% each from 14.1667% each. Total value of the transaction was withheld.
PTTEP said it paid Premier about $78 million for its additional 5.1511% interest in the deal, effective Sept. 30. Premier Petroleum Myanmar Ltd, a wholly owned Petronas unit, will operate Yetagun field, about 400 km south of Yangon (OGJ Online, Aug, 21, 2001).
Yetagun's reserves stood at 26 million boe in September 2002. It is producing 300 MMcfd of natural gas—most of which is delivered to Thailand—plus nearly 9,000 b/d of condensate.