Speaking at the event, Un­ion Minister for Energy U Ko Ko Lwin said the Ministry of En­ergy and PTTEP International Ltd cooperate to remedy the declining production level of the Yadana Offshore gas field, which is vital to the country. He then appreciated the signing of the agreement during one year, and the efforts of relevant officials.

As countries around the world are in the energy tran­sition period, there has been an increasing reliance on clean energy sources, particularly natural gas. Meanwhile, the demand for natural gas has risen significantly, leading to higher prices. The valuable nat­ural gas resources are available in adequate quantities within the country. The ministry is committed to systematically extracting and utilizing these resources effectively for the benefit of the nation.

Under the agreement signed today, the natural gas produced will not only be shared with the people of Myanmar but also with the people of Thailand. To increase the electricity gen­eration, the two sides negoti­ated for more natural gas, and PTTEP agreed to reduce the amount allocated to Thailand as per the contract.

The Ministry of Energy and PTTEP have been collaborat­ing for over three decades, and based on this long-standing re­lationship, the country warmly welcomes PTTEP’s interest to invest and cooperate in a prom­ising and large-scale offshore project. The ministry will also provide the need as much as it can.

The natural gas produc­tion will increase within the specified time frame as agreed upon in the memorandum of agreement.

After the event, the Union minister discussed the prom­ising opportunities in promot­ing bilateral cooperation in the energy sector with the delega­tion led by the vice-president of PTTEP International Ltd. The directors-general, managing di­rectors, departmental officials and relevant officials of PTTEP International Ltd attended it. — MNA/KTZH