PTT Exploration and Production Public Company Limited (PTTEP) will move forward the Integrated Domestic Gas to Power Project in Myanmar after receiving an exclusive development right from the Myanmar government. This integrated energy project aims to provide energy security to Myanmar as well as to lead the company to explore the new business as targeted.
Mr. Phongsthorn Thavisin, Chief Executive Officer of PTTEP, said the company today signed Notice to Proceed for the development of Integrated Gas to Power Project with U Than Zaw, Permanent Secretary of the Ministry of Electricity and Energy (MOEE). This project will promote the utilization of domestic gas supplied from PTTEP’s gas fields in the Gulf of Moattama, starting from Zawtika and Myanmar M3 projects, to generate affordable electricity for Myanmar.
“Today marks our first step in extending our business along the gas value chain in Myanmar, following the “Execute & Expand” strategy which will drive the company towards sustainable growth. This project will also support the Myanmar’s Sustainable Development Plan (MSDP) and its Energy Master Plan, which aims for all households to have access to electricity by 2030,” said PTTEP CEO.
PTTEP’s Integrated Domestic Gas to Power Project is a combined energy projects from upstream to power generation. The investment worth approximately USD 2 billion include upstream development projects, a 600-MW combined cycle power plant located in Kyaiklat in Ayeyarwady Region, and new offshore and onshore gas pipeline route from Kanbauk – Daw Nyein – Kyaiklat for approximately 370 kilometers, and Transmission line from Kyaiklat to Hlaingtharyar. PTTEP targets to make a Final Investment Decision (FID) in early 2022.
The electricity generation from this project is expected to account for approximately 10% of Myanmar’s existing installed power plant capacity. The generated power will be sold to the Electric Power Generation Enterprise (“EPGE”), a state-owned enterprise under MOEE, over a 20-year term with 5-year extension from the Commercial Operation Date (COD).