PTT Exploration Finds `Significant’ Energy Reserves in Myanmar

(Bloomberg) — PTT Exploration & Production Pcl, Thailand’s state-controlled oil and gas exploration company, has discovered a “significant amount” of natural gas and oil reserves in Myanmar, Prime Minister Thaksin Shinawatra said.

The discovery will secure a sufficient supply of natural gas and oil for the country in the future, Thaksin said in a weekly radio address today. Thaksin on Aug. 2 discussed cooperation between Thailand and the neighboring country with General Than Shwe, head of the ruling military junta, in Myanmar’s new capital, Pyinmana, he said.

Bangkok-based PTT Exploration, 66 percent owned by state- controlled PTT Pcl, plans to spend 233 billion baht ($6.16 billion) in the five years to 2010 to boost production of crude oil and natural gas at home and overseas. The company has contracts to explore and develop oil and gas fields in countries such as Vietnam, Myanmar, Indonesia and Algeria.

“Myanmar will continue to be Thailand’s biggest source of energy,” Thaksin said. Thailand and Myanmar also plan to jointly build hydro power plants and dams on rivers bordering both countries, he said.

Bloomberg