PTT Exploration and Production Public Company Limited (SET: PTTEP) has made an announcement in reference to its statement dated 21 January 2022 with respect to the withdrawal of TotalEnergies EP Myanmar (TotalEnergies) as the operator and the partner from Yadana Project, Myanmar, PTTEP International Limited (PTTEPI), a wholly-owned subsidiary of PTTEP and other partners in the project will take positions to replace TotalEnergies for the project.
The change was approved by the project’s partners and will be effective on 20 July 2022.
Prior to the change, the consortium of Yadana project and MGTC consists of TotalEnergies EP Myanmar (as the Operator) with 31.2375% participating interest, Unocal Myanmar Offshore Company Limited (UMOCL) 28.2625%, PTTEPI 25.5%, and Myanma Oil and Gas Enterprise (MOGE) 15%.
Following the withdrawal of TotalEnergies on 20 July 2022, the consortium of Yadana project consists of Unocal Myanmar Offshore Company Limited (a wholly-owned subsidiary of Chevron) 41.1016% participating interest, PTTEPI (as the Operator) 37.0842% participating interest, and Myanmar Oil and Gas Enterprise (MOGE) 21.8142% participating interest
Yadana Project is a significant natural gas field with an average gas sales volume of 770 MMSCFD, which supplies gas to generate electricity, accounting for 11% of Thailand’s natural gas consumption and 50% of total gas supply to Myanmar people.
PTTEP stated that the decision to become the operator of Yadana Project is to ascertain gas supply continuity to support energy consumption and long-term energy security, which requires extensive experience to ensure operation safety.