The company expects to sign the contract with the Myanmar government on 7 August.
In a statement the state-owned firm said, “In the first four years, PTTEP expects to spend around US$13 million for geological and geophysical studies, seismic surveys and the drilling of at least one exploration well. Should the initial work be successful, PTTEP has the rights to extend the contract for two years.”
“Total expenditure for the six-year period will be around US$23 million [and] the acquisition of Blocks M-3 and M-4 will enhance the value of the previous two blocks through synergy and operational efficiency,” added the firm referring to PTTEP’s acquisition if Blocks M-7 and M-9 in 2003.
