By an OGJ correspondent
BANGKOK, Nov. 7 -- Thailand's PTT Exploration & Production PLC (PTTEP) was awarded a production-sharing contract (PSC) for exploration of Blocks M-7 and M-9 in Myanmar's Gulf of Martaban, about 200-300 km south of Yangon.
PTTEP president Maroot Mrigadat said the blocks, in which PTTEP has a 100% interest, have a high petroleum potential comparable to Yadana, the country's largest producing offshore gas field, on Blocks M-5 and M-6. PTTEP also holds a 25.5% participation interest in Yadana, which has certified reserves of 5.7 tcf of natural gas and is now producing 650 MMcfd of natural gas.
PTTEP is committed to spend $16 million over the first 4 years of the PSC term for geological and geophysical study, seismic surveys, and the drilling of two exploration wells over the two tracts, which contain a total acreage of 27,000 sq km.
In the past, ARCO drilled two exploration wells on Block M-7 and four exploration wells on Block M-9. The result confirmed the significant presence of natural gas in some wells, PTTEP said.