French giant oil and gas company Total was given a 40% share of the stake in Block M-11 in the Martaban basin from Thailand’s PTT Exploration and Production by the exploration field off the coast of Myanmar. This is the first investment they ever made in Myanmar after various sanctions were lifted.
Total’s presence in Myanmar has been felt since year 1992 prior to the imposition of sanctions against the ruling military junta. It operates the offshore Yadana gas field supply fuel power plants in Thailand, according to AFP report.
Yves-Louis Darricarrere, head of Total’s upstream activities said that Total’s capability and technical know-how has been proven to help uplift and strengthen the exploration activities in Myanmar and to boost the hydrocarbon resources of the country.
There are only several Western firms operating in Myanmar and Total is one of them. With their continuous support to the country, they claimed that they have greatly contributed to the country’s economic progress and development, the report said.