Thai oil and gas firm PTT Exploration & Production (PTTEP) has no plans to divest in Myanmar despite massive losses, the company has said.

The pandemic-related market collapse slashed PTTEP’s net profits by 69% in second quarter of this year, Morningstar reported, forcing it to cut 2020 expenditures between 15% and 20%. But company CEO Phongsorn Thavisin said the company will continue to focus on its major investments in Myanmar. “Our focused areas for investment remain in Thailand, Myanmar, Malaysia, and the Middle East,” the Myanmar Times quoted him as saying. “The company expects the average production growth rate to be at 5%.” This is the second time PTTEP has affirmed its commitment to Myanmar amid dismal market conditions. The first was in April, when the pandemic had slashed oil prices by as much as 60 percent and were so low that petrol in Myanmar was literally cheaper than water.

PTTEP’s main investments are in the Zawtika gas project, in blocks M9 and M11 of the Gulf of Moattama. It ramped up its activities in 2019, announcing an investment of USD 3.3 billion for exploration and extraction of natural gas. Since then, the Zawtika gas has sent around 245 million standard cubic feet (MMscf/d) of natural gas to Thailand each day, according to data reported by the Times. Mr. Thavisin emphasized that the production volume would not decrease despite turbulent prices.