PTTEP Inked an Assets Swap Agreement with CNOOC
[2008-4-15]
PTT Exploration and Production Public Company Limited (PTTEP) announced an assets swap transaction for gas fields in Myanmar with a subsidiary of CNOOC Limited.
PTTEP signed an agreement to swap stakes of 20% interest in M3 and M4 blocks with A4 and C1 blocks held by CNOOC Ltd. The agreements are subject to an approval from Myanmar authorities.
M3 and M4 blocks, which have good potential of natural gas, are situated in the Gulf of Martaban in the Union of Myanmar. Under the agreement, the partners comprise PTTEP International Limited, a subsidiary of PTTEP, as the operator with 80% interest and CNOOC Ltd. with 20% interest.
A4 Block, which has high potential of natural gas, is situated offshore in Rakhine and C1 block, which has crude oil potential, is situated onshore in the northwestern part of the Union of Myanmar. Under the agreement, the partners comprise PTTEP Myanmar Limited, a subsidiary of PTTEP with 20% interest. CNOOC Ltd. as the operator with 61.25% interest, the other two partners, China Focus Development Limited (CFDL) and China Huanqiu Contracting & Engineering Corporation (HQCEC), hold the rest participation interests in these blocks.
PTTEP and CNOOC Ltd. have a plan to jointly conduct seismic acquisition and interpretation and to drill at least 1 exploration well in each block.
PTTEP signed an agreement to swap stakes of 20% interest in M3 and M4 blocks with A4 and C1 blocks held by CNOOC Ltd. The agreements are subject to an approval from Myanmar authorities.
M3 and M4 blocks, which have good potential of natural gas, are situated in the Gulf of Martaban in the Union of Myanmar. Under the agreement, the partners comprise PTTEP International Limited, a subsidiary of PTTEP, as the operator with 80% interest and CNOOC Ltd. with 20% interest.
A4 Block, which has high potential of natural gas, is situated offshore in Rakhine and C1 block, which has crude oil potential, is situated onshore in the northwestern part of the Union of Myanmar. Under the agreement, the partners comprise PTTEP Myanmar Limited, a subsidiary of PTTEP with 20% interest. CNOOC Ltd. as the operator with 61.25% interest, the other two partners, China Focus Development Limited (CFDL) and China Huanqiu Contracting & Engineering Corporation (HQCEC), hold the rest participation interests in these blocks.
PTTEP and CNOOC Ltd. have a plan to jointly conduct seismic acquisition and interpretation and to drill at least 1 exploration well in each block.
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