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PTTEP poised to seal CNOOC swap



By Upstream staff 

Photo by Ralf-André Lettau


Thailand's PTT Exploration & Production said today that it expects to seal a deal with Chinese energy giant CNOOC later this month to swap stakes of gas fields in Burma.

"We should sign a contract with CNOOC within this month," PTTEP’s chief executive, Anon Sirisaengtaksin told reporters today.

PTTEP, a subsidiary of PTT, Thailand's energy giant, said last month that it would swap its 20% stake in Burma's offshore Block M3 and M4 for CNOOC's A4 and C1 blocks.

PTTEP is looking to buy new gas and oil assets at home and abroad to increase reserves and capacity to meet rising domestic demand.

PTTEP also owns 100% of offshore Block M9, which is still under exploration in the Gulf of Martaban that lies to the south of Yangon, Myanmar's main city.

The company said in August last year it planned to spend $1 billion on Block M9 and was looking for financial and technical partners to help share the costs of developing it, reported Reuters.


Tuesday, 01 April, 2008, 10:53 GMT  | last updated: Thursday, 10 April, 2008, 02:36 GMT

Shwedagon Pagoda in Yangoon: Myanmar's main city
 

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