Thailand-based PTTEP and its joint-venture partners signed with state-owned Myanma Oil and Gas Enterprise (MOGE) Friday for onshore exploration and production rights for a block in the Central Myanmar Basin.
The consortium includes Thailand-based Palang Sophon Offshore and Singapore-based Win Precious Resources.
PTTEP is the operator with a 85 percent share in the block.
Palang holds a ten percent stake and Win holds a five percent share.
PTTEP is planning to start the 2D and 3D seismic surveys and drilling campaign for four exploration wells during the first three years of the license.
The consortium will invest at least USD $72 million in the project during the first three years.
The MOGE 3 block covers about 469 sq mi (1,217 square kilometers) and is located in central Myanmar, adjacent to the west of the Irrawaddy River.
According to the US Energy Information Association, Myanmar currently produces 21,000 barrels of oil per day and 416 billion cubic feet of natural gas per year.
Thailand accounts for 70 percent of Myanmar’s gas exports.
Apart from MOGE 3, PTTEP has invested in six petroleum exploration blocks in Myanmar.