PTTEP becomes Myanmar gas field operator after TotalEnergies exit

Thailand’s PTT Exploration and Production Public Company Limited (PTTEP)  will operate the Yadana project following TotalEnergies exit as the operator and joint venture partner, the company said in a statement on Monday.

“ASEAN countries have been cooperating and supporting each other in various aspects, working hand in hand in a way that will help develop economies and improve the quality of lives of their people,” said the company in the statement. 

“ Developing the Energy Industry for both Thailand and Myanmar, particularly in the area of petroleum exploration and production has been one of the collaborations over the past 30 years,” they added. 

The company  said that  after TotalEnergies’ withdrawal, PTTEP  will hold 37.0842 percent  participating interest, while a subsidiary of Chevron, Unocal Myanmar Offshore Company Limited will hold 41.1016 percent.

The Yadana project  produces natural gas at the rate of approximately 770 million standard cubic feet per day (MMSCFD), approximately 220 MMSCFD, which makes 50 percent of Myanmar's  gas demand.

“After the decision of TotalEnergies to withdraw from Yadana project, PTTEP has thoroughly considered to take a step as the successor operator in order to ensure the no interruption of natural gas supply and to reinforce long-term energy security especially in the current circumstances, where other forms of energy are not primary source for electricity generation,” the company said.