CNOOC, PTTEP to jointly explore natural gas in Myanmar
YANGON, Oct. 6 - China's state own China National Offshore Oil Corp. (CNOOC) has expressed interest to create a partnership with Thailand's PTT Exploration and Production (PTTEP) to explore for natural gas in Myanmar, Cambodia, Oman and Iran, UPI news agency reported on Sept. 23, 2005, quoting Thai Deputy Prime Minister Pinij Charusombat.
Pinij disclose the information after the CNOOC and PTTEP signed a memorandum of understanding on Sept. 23, following government-level meetings at the Thailand-China Joint Committee on Trade, Investment and Economic Cooperation.
Under the agreement, the two sides will increase bilateral investment to $6.5 billion from the current $3.7 billion.
"China is in desperate need of energy and petrochemical products," PTT President Prasert Bunsumpun told reporters after the signing.
PTTEP is the upstream arm of Thailand's state-controlled PTT.
PTT is already operating in Myamar with its majority stakes on the country's two largest producing natural gas fields, Yadana and Yetagun.
Myanmar is exporting about one billion cubic feet of natural gas from those two fields to Thailand everyday, through undersea and overland pipelines.
CNOOC also footed on Myanmar's oil and gas sector in Dec. 2004 when it jointly secured an oil exploration contract together with China Huanqiu Contracting and Engineering Corp., and Golden Aaron Pte. Ltd. of Singapore.
Pinij disclose the information after the CNOOC and PTTEP signed a memorandum of understanding on Sept. 23, following government-level meetings at the Thailand-China Joint Committee on Trade, Investment and Economic Cooperation.
Under the agreement, the two sides will increase bilateral investment to $6.5 billion from the current $3.7 billion.
"China is in desperate need of energy and petrochemical products," PTT President Prasert Bunsumpun told reporters after the signing.
PTTEP is the upstream arm of Thailand's state-controlled PTT.
PTT is already operating in Myamar with its majority stakes on the country's two largest producing natural gas fields, Yadana and Yetagun.
Myanmar is exporting about one billion cubic feet of natural gas from those two fields to Thailand everyday, through undersea and overland pipelines.
CNOOC also footed on Myanmar's oil and gas sector in Dec. 2004 when it jointly secured an oil exploration contract together with China Huanqiu Contracting and Engineering Corp., and Golden Aaron Pte. Ltd. of Singapore.
posted by Myat Thura @ 11:47 PM
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