Total builds stakes in Makassar Strait permits

Offshore staff

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.

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