10 foreign companies win tender for oil, gas exploration in Myanmar

Ten foreign companies have won tender for oil and gas exploration at 16 onshore blocks in Myanmar out of 18 set for the bidding, a release of the Ministry of Energy said Friday.

The tender winners are those from Britain, Brunei, Canada, India, Italy, Luxembourg, Malaysia, Pakistan, Russia and Thailand.

Of the 16 onshore blocks, 13 are set for exploration by winning companies from nine countries under Production Sharing Contract ( PSC), while the remaining three blocks are operated by two other countries under Improved Petroleum Recovery Contract (IPR).

A total of 78 foreign companies bid with the ministry for operating the onshore blocks in January this year.

Meanwhile, Myanmar’s domestic private companies are seeking joint operation with foreign counterparts in oil and gas exploration and production on mutually beneficial basis.

According to official figures, there are 53 onshore and 48 offshore blocks under operation with foreign investment.

At present, there are mainly three offshore natural gas projects in Myanmar — Yadana, Yetagun and Shwe, of which Yadana is the largest yielding gas of 834 million cubic feet (23.6 million cubic meters) per day.

Foreign investment in Myanmar’s oil and gas sector had reached 14.372 billion U.S. dollars in 115 projects as of the end of July 2013, accounting for 33.46 percent and ranking the second in the country’s foreign investment sectorally after electric power.

Source: Mizzima News

NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, "Puma Energy", “MOGE”, “yangon new town”,"MECTEL", "hydropower", etc.