According to the report from Bangkok Post on Feb.14, Thailand-based PTT Exploration and Production Public Co., Ltd (PTTEP) had signed an agreement with China National Offshore Oil Corp. (CNOOC) to jointly develop Burman petroleum resources.

The president of PTTEP expressed that the company had signed an interim agreement with CNOOC about the exchange of 20 percent shares of their Burman subsidiaries. The agreement would take effect when both parties finished their oil prospecting in Burma respectively. The Thai party said this could effectively reduce potential risks of its subsidiary in the large-scale investment. Presently, the two petroleum enterprises have been conducting oil prospecting in the Gulf of Martaban in Burma.

Meanwhile, CNOOC scheduled to lay oil and gas pipelines that connect Burma and the South of Yunnan of China, while PTTEP schemed to transport total output to PTT.