The export value of natural gas as of January this financial year amounted to US$2.4 billion, whereas in the same period of last year the figure was $3.5 billion, a slump of more than $1.1 billion, according to the Commerce Ministry.
An expert said the decline in the export value of the gas is linked to the falling prices for natural gas in the global market.
Natural gas is included in the list of major export items of Myanmar. About 60 per cent of the country’s total export earning comes from natural gas sale.
Situated offshore from Rakhine State, the Shwe natural gas field was discovered in 2014. Natural gas extracted from the field is exported to China.
The Yadana natural gas project is conducted by TOTAL Company with its pipeline to Thailand. According to 2014 statistics, the daily production from the Yadana natural gas field totalled 910 million cubic meters, over 700 million cubic meters of which went to Thailand.
Discovered in 1992, Yedagon is a gas field located along offshore of Taninthayi. About 330 million cubic meters were daily exported from this gas field. Located in the Gulf of Moattama, the gas from Zawtika Project mainly goes to neighbouring Thailand.
According to the second five-year National Development Plan (from 2016-2017 to 2020-2021), the Yadana, Yedagon, Zawtika and Shwe gas projects are expected to collectively produce over 500 billion cubic feet of natural gas for export and another 160 billion cubic feet for local consumption in the 2016-2017 fiscal year.
According to the Directorate of Investment and Company Administration, the majority of foreign direct investment goes to the country’s oil and gas sector.
Source: Global New Light of Myanmar
