Mitsui Buys Stake in Myanmar Offshore Gas Field

Mitsui Oil Exploration Co. (MOECO) said in a statement that it has agreed to acquire a 20% interest in the Production Sharing Contract covering Block M-3 offshore Myanmar from PTTEP International Limited, a wholly-owned subsidiary of PTT Exploration and Production Public Company Limited and the current holder of the entire 100% interest in the Block.

The Japanese company did not disclose the value of the deal.

Block M-3 is located in a geologically high potential area close to the Yadana gas field, one of the major gas fields discovered in offshore Myanmar. In 2011, an exploratory well was drilled in Block M-3 which resulted in the discovery of natural gas.

MOECO has positioned Myanmar and other targeted parts of South East Asia as its core business area, the company said in a statement.