Project Profile
Approximate investment: US$2.75 million
Location: 160km east of the 6.5tcf Yadana gas field, and 70km north east of the 1.5tcf Zawtika gas field, Moattama Basin, Myanmar
Area: 13,372km
The 13,372km M-7 Block is located in Myanmar’s most prolific offshore hydrocarbon province, the Moattama Basin, which has existing production from a number of multi-tcf offshore fields. Block M-7 is 160km east of the 6.5tcf Yadana gas field, and 70km north east of the 1.5tcf Zawtika gas field. Tap Oil Limited has formalised its entry into Myanmar following the signing of the Production Sharing Contract for the shallow water Block M-7 in the Moattama Basin (PSC). Tap holds a 95% participating interest in the M-7 Block and has assumed operatorship. Tap Energy (M7) Pte. Ltd, and its local joint venture participant, Smart E&P International Company Ltd., signed the Production Sharing Contract with Myanmar Oil and Gas Enterprise (MOGE). Under the executed PSC, the JV partners have agreed to undertake an 18 month Environmental and Social Impact Assessment (ESIA) and Study Period, followed by an option to proceed to a three-year commitment exploration work programme. Tap will spend approximately US$2.75 million on the M-7 Block up to and including the Study Period, which has a minimum expenditure requirement of US$2 million.
Operators:
Tap Oil Limited: Operator with 95% interest
Smart E&P International Company Ltd.: 5% interest