Total takes stake in Myanmar offshore exploration zone
PARIS (AFP) - French oil and gas giant Total said on Monday it had taken a 40 per cent stake in an exploration field off the coast of Myanmar, its first investment in the country since sanctions were eased.
Total has been in Myanmar since 1992 - before international sanctions against the military junta were ratcheted up - and operates the offshore Yadana gas field that fuels power plants in Thailand.
In its first investment in Myanmar since 1998, it bought for an undisclosed sum a 40 per cent stake in Block M-11 in the Martaban basin from Thailand's PTT Exploration and Production, which remains the operator.
"With this acquisition, Total will bring its well recognised deep offshore expertise and its world-wide proven technology to contribute to exploration activities in Myanmar and potentially develop the country's hydrocarbon resources," the head of Total's upstream activities, Mr Yves-Louis Darricarrere, said in a statement.