A proposal to construct an offshore supply base for offshore blocks on a 30-acre company-owned land, at Nant Thar Pu village in Nga Yoke Kaung sub-township (Nga Pu Taw township), Pathein, Ayeyarwady Region, has been approved by Myanmar Investment Commission (MIC), Myint & Associates Offshore Supply Base (M&AOSB) said.
M&AOSB is a subsidiary of Myint & Associates Co, which is a service contractor in the oil & gas sector in Myanmar. The subsidiary has initiated a proposal to construct offshore supply base two years ago with an aim to support the servicing and oil and gas exploration and drilling activities of various businesses, including MPRL E&P, Myint & Associates Co and Myanmar Petroleum Exploration & Production Co (MPEP).
The company submitted the proposal to the MIC in early May and it was approved on May 20.
The offshore supply base is a 30-year project with a projected investment of K50 billion and it is estimated that the government will receive K25 billion revenue within a 10-year period.
MPRL E&P is an oil and gas exploration and production company. It has made a shallow water gas discovery in Pyi Thar Well No 1 in 2012 and a huge deepwater gas discovery in Shwe Yi Tun well in 2016.
Two appraisal wells will be drilled in June to evaluate the commercial viability of the gas discovery in Shwe Yi Tun. Then, it will be followed by the development and production stage during which an offshore supply base will be required. In order to fulfil that requirement, M&AOSB has submitted the proposal.
Offshore supply base construction is included in the lists of businesses to be conducted with approval from respective ministries. It is one of the four restricted types of businesses, according to the newly enforced Investment Law. After seeking recommendation from the Ministry of Electricity and Energy, M&AOSB has submitted the application and has now obtained the MIC permit.
M&AOSB will commence the initial stage of the project from June to November 2017. Afterwards, jetty construction works will be conducted in December, according to the company’s timeline.
Source: The Myanmar Times
