Thailand discovers potential petroleum source in Myanmar

Thailand discovers potential petroleum source in Myanmar

Thursday, August 3rd 2006

Thailand’s petroleum giant, PTT Public Company Limited (PTT), has successfully discovered a new petroleum source in an offshore concessionary area in neighbouring Myanmar.

Mr. Maroot Mrigadat, President of PTT Exploration and Production Public Company Limited (PTTEP), an affiliate of PTT, announced on Wednesday that the company had discovered the potential petroleum source in the sea, about 250-300 kilometres South of Yangon, the old capital of Myanmar.

The new petroleum source was located at the “Zatila-1″ well, in the M9 area where PTTEP has been granted a concessionary right by the Myanmar military junta to conduct petroleum explortion and production for a certain period of time.

“PTTEP’s affiliate, PTTEP International Co., discovered the new petroleum source on June 28 and we’re testing the commercial prospect of the newly-discovered well and will soon report to the public,” Mr. Maroot told journalists.

As a country heavily relying on imported oil, Thailand is seeking new petroleum sources and promoting local consumption of alternative energy through both public and private sectors’ campaigns to reduce the country’s reliance on the imported fuel amid continuing global oil price hikes currently. **(TNA)

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