Shakers: Thailand announces Myanmar oil find
-Anuchit Nguyen
Published: MONDAY, AUGUST 7, 2006
BANGKOK: Thailand announces Myanmar oil find
PTT Exploration & Production, Thailand's state-controlled oil and gas exploration company, has discovered a "significant amount" of natural gas and oil reserves in Myanmar, the prime minister of Thailand, Thaksin Shinawatra, announced.
The discovery will secure a sufficient supply of natural gas and oil for Thailand, Thaksin said Saturday during a weekly radio address. On Wednesday, he met with General Than Shwe, head of the military junta ruling Myanmar in the country's new capital, Pyinmana.
Sixty-six percent of PTT Exploration, based in Bangkok, is owned by the state-controlled PTT. The company plans to spend 233 billion baht, or $6.16 billion, before 2010 to increase production of crude oil and natural gas at home and overseas. The company has contracts to explore and develop oil and natural gas fields in countries like 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 hydropower plants and dams, he said.
http://www.iht.com/articles/2006/08/06/bloomberg/bxshake.php