PTT Exploration and Production Pcl (PTTEP) said its majority-owned Zawtika gas field in Myanmar has started delivering natural gas for use in Thailand.
The gas field is currently ramping up production to a rate of 240 million standard cubic feet per day (MMSCFD), which is the daily contract quantity (DCQ) as stipulated in the Gas Sales Agreement, Thailand’s top oil and gas explorer said in a statement.
The project began delivering natural gas for domestic use in Myanmar since March, at a rate of about 60MMSCFD, PTTEP, which operates seven projects in Myanmar, said.
Thailand uses natural gas for almost 70 percent of its power generation and one-fifth is imported from Myanmar.
The news last week sent PTTEP shares up 2 percent, outperforming a 0.16 percent drop of the overall market as production from Zawtika field will help boost PTTEP’s output in the third quarter, according to Reuters.
PTTEP International Co Ltd (PTTEPI), a subsidiary of PTTEP, is the operator of the Zawtika field and holds an 80 percent participation interest, and the other partner, state-run Myanma Oil and Gas Enterprise (MOGE) holds a 20 percent participation interest.
The Zawtika project is the largest overseas offshore producing gas field operated by PTTEP, the flagship in the upstream exploration business of top energy firm PTT Pcl.