Thai PTTEP, Myanmar to sign deal on M9 gas field
BANGKOK, June 20 (Reuters) - Thailand's PTT Exploration & Production PCL PTTE.BK will sign a heads of agreement on Monday with the Myanmar government to develop the offshore Block M9 natural gas project, a Thai ministry official said on Friday.
Thai Energy Minister Poonpirom Liptapanlop will fly to neighbouring Myanmar on June 23 to sign the agreement, a senior ministry official Kurujit Nakornthap told reporters.
"It will be a signing between PTT and Myanmar Oil and Gas along with PTTEP," Kurujit said.
PTTEP would also sign a heads of agreement with top oil and gas firm PTT PCL (PTT.BK) for a natural gas supply deal.
The company is expected to supply an early 300 million cubic feet per day (mmcfd) from M9 of which 240 mmcfd would be delivered to Thailand and the rest 60 mmcfd to Myanmar.
PTTEP owns 100 percent of Block M9, which is still under exploration in the Gulf of Martaban, south of the main city, Yangon.
The project is expected to be in operation in 2012.
The gas supply deal was targeted to rise to 400 mmcfd in the future, he said.
PTTEP's subsidiary is also the sole operator of offshore Blocks M7 and M9 after signing production sharing contracts with the state-owned Myanmar Oil and Gas Enterprise in 2003.
On Friday, PTTEP shares closed up 1.48 percent at 172.15 baht while the main stock index .SETI rose 3.56 percent to 768.90 points. (Reporting by Wilawan Pongpitak and Pisit Changplayngam; Writing by Ploy Chitsomboon; Editing by Jacqueline Wong)
