Page 6 - AsiaElec Week 06 2023
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PTTEP delays $3bn gas-to-power
project in Myanmar
MYANMAR THAILAND’S state-owned PTTEP has which withdrew from the Yadana field in Jan-
opted to delay the development of a $2bn uary last year.
WHAT: integrated gas-to-power project in Myanmar, Rawanchaikul also announced that
Delay in gas-to-power amid heightened scrutiny over international PTTEP would sell the Cash and Maple gas
development in oil and gas investments in the military jun- and condensate field in Australia, leaving the
Myanmar ta-led country. company with only a minor petroleum busi-
The development would have involved ness in the country. The asset is expected to A number of
WHY: the development of the Aung Sinkha (M3) be divested this year.
Required installation gas field and the construction of a 600-MW Cash and Maple, situated 680 km west international oil
efforts increasing costs combined-cycle power plant in Kyaiklat and of Darwin in the Timor Sea, holds an
a 370-km offshore and onshore pipeline from estimated 3.5 trillion cubic feet (100bn companies have
WHAT NEXT: Kanbauk to Daw Nyein and Kyaiklat, along cubic metres) of gas. Exploration results
Maintenance of existing with a transmission line. from wells drilled in 2011 and 2011 were been forced to
projects PTTEP will continue existing gas produc- encouraging. leave Myanmar.
tion in Myanmar, despite Western-imposed “But the area is too far and production
sanctions on the country. costs would be high, driven by the construc-
“We produce up to half of the gas used tion of a gas pipeline,” the CEO said. “If we
in electricity generation in Myanmar and shift to LNG production, the business will
almost 20% of that in Thailand, so locals will not be viable because facility costs are too
not suffer,” PTTEP CEO Montri Rawanchai- high.”
kul said last week. The sale of Cash and Maple is part of a
A number of international oil companies larger push by PTTEP to redirect its invest-
(IOCs) have been forced to leave Myanmar ments to the Middle East and Southeast Asia.
since the military junta took power in Feb- In 201 it sold the Montara oil and gas field in
ruary 2021, including France’s TotalEnergies, Australia to Jadestone Energy.
P6 www. NEWSBASE .com Week 06 08 •February•2023
