PTT Exploration and Production, a unit of Thailand's state-owned energy conglomerate PTT, plans to invest $2 billion in the development of natural gas fields and power plant construction in Myanmar, Nikkei Asia reported.

PTTEP received exclusive development rights from the Myanmar government at the end of December.

Based on the agreement with the government, the company will produce natural gas off Myanmar's coast and use it to supply power within the country.

This project will promote the utilization of Myanmar's domestic gas and generate affordable electricity for the country, the Thai energy major said in a statement.