PTTEP has agreed to reduce its interest in three deepwater exploration blocks in the Makassar Strait offshore Indonesia. Total is the beneficiary.
The farm-out involves dilution of PTTEP’s 33% share in South Mandar block, 10% in Sadang block and 10% in South Sageri block. PTTEP is now operator with 34% of South Mandar, in partnership with with Talisman (33%) and Total (33%). PTTEP now has 30% in Sadang, with operator Talisman holding 40% and Total 30%; and 20% of South Sageri, with Talisman holding a 35% operating interest and Total 45%.
In the Gulf of Mataban off Myanmar, PTTEP International has signed a Joint Operating Agreement with Myanmar Oil and Gas Enterprise (MOGE) for the offshore Zawtika gas development project (in block M9 and part of block M11).
This gives MOGE a 20% participation interest in the project. PTTEP will maintain an 80% operating interest.
The company has signed a gas sales agreement with PTT Public Company Limited and MOGE to supply 300 MMcf/d, of which 240 MMcf/d will be exported to Thailand. First production is due by end-2013.
This year PTTEP expects to invest $5,168 million in its various projects, much of which will be allocated as follows:
• Maintaining plateau production in projects including Bongkot and Arthit offshore Thailand
• Development of Greater Bongkot South and Montara off Australia, where start-up is expected this year
• Exploration to find additional petroleum resources for commercial development, chiefly on the Myanmar M3 and M11 projects, and PTTEP Australasia’s Cash/Maple.