By an OGJ correspondent
BANGKOK, Feb. 18 -- Thailand's PTT Exploration & Production PLC (PTTEP) struck an agreement with China National Offshore Oil Corp. (CNOOC) to swap their stakes in blocks in Myanmar.
PTTEP will swap a 20% interest in Blocks M3 and M4 in the Gulf of Martaban for CNOOC's offshore A4 tract and onshore C1 acreage said PTTEP Pres. Maroot Mrigadat.
The accord will be activated once the two state-controlled energy groups complete exploration works in their respective acreages.
PTTEP currently owns 100% in Blocks M3 and M4 where it plans this year to conduct geological and geophysical studies to confirm gas prospects and drill two exploration wells.
Since October 2004, a consortium led by CNOOC's Myanmar unit, China Huanqiu Contracting & Engineering Corp. and Golden Aaron Pte. Ltd. of Singapore has been drilling on Block C-1 in the Indaw-Yenan area and Block A-4 off Rakhine state.
The consortium's works also cover other blocks in Myanmar, including onshore Block C-2 in the Shwebo-Monywa area and Block M in Rakhine state as well as Blocks M-2 and M-10, both in the Gulf of Martaban.
Like PTTEP, China's oil companies are broadening their engagement in Myanmar's petroleum activities, despite mounting international criticisms of its human rights records.
