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PTTEP invests in Yadana field Myanmar instead of Total

PTTEP invests in Yadana field Myanmar instead of Total

News reports from PTT Exploration and Production Public Company Limited or PTTEP said that according to Total Energy. has withdrawn from being the operator and co-investor in the Yadana project PTTEP has considered guidelines for the management of the Yadana field. in the Gulf of Matama Myanmar which is an important natural gas source to be able to continuously produce natural gas without affecting the energy demand of people in Myanmar and Thailand

ASEAN countries have been cooperating and helping each other in many ways for a long time. for Thailand One of the cooperation with Myanmar is energy development. which is an important infrastructure for the development of the country as well as the livelihood of the people of both countries by natural gas from the Gulf of Motama that has been found and used as an energy source in the past 30 years. until now It is known as a natural gas source that is of great importance in improving the quality of life of the people. economic driving and national development Because it is the main fuel for electricity generation for both households. and industrial sector Both in medicine and public health, education, transportation, communication and telecommunication, etc.

for natural gas produced from the Yadana Project In the Gulf of Montama, the volume is 770 million cubic feet per day, which is about 220 million cubic feet per day. Used in Myanmar for power generation. or about 50% of the natural gas demand in Myanmar while in Thailand It also depends on natural gas from the Yadana project. by exporting to Thailand about 550 million cubic feet per day For fuel in 12 large and small power plants to serve the electricity and energy needs of more than 11 million people in the western and part of the central region. This amount accounts for about 11% of Thailand’s natural gas demand.

PTTEP as a Thai energy company Realizing the importance and necessity of natural gas production Therefore, it has been involved in the development of natural gas fields in Myanmar for more than 30 years and is a part of improving the quality of life of the people of both countries. Subsequently from the company Total Energy which withdrew from the project The company believes that taking the operator will help maintain continuity in the energy supply to both countries. to meet energy demand and create long-term energy security Especially in the current situation where other forms of energy are still limited as the main fuel for electricity generation, including the continuity of natural gas exploration and production. which requires experience and operational processes to ensure safety every step of the way

This entry into the Yadana Project of PTTEP has been appointed by the project partners. However, the entry into the operator will take effect on July 20, 2022. cooperation from the company Total Energy in the transition to being an operator during that period so that natural gas production can be operated continuously and safely

However, according to the terms of the joint venture agreement (Production Operating Agreement or POA), the proportion of the company’s joint venture Total Energy will be distributed to other co-investors in the project in proportion to their investment free of charge This will result in PTTEP International Company Limited holding 37.0842 percent of the investment by Chevron, which has a subsidiary company. Unocal Myanmar Offshore will be the largest shareholder of 41.1016% after the Company Total Energy cease to be a joint venture and be an operator

Throughout its business operations, PTTEP attaches great importance to energy stability. and adhere to the management in accordance with the principles of good corporate governance in all countries where the Company operates Recognizing that equal access to energy consumption is a fundamental human right that people of all countries deserve.

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