Natural gas export earnings decrease by over US$35million

Natural gas export earnings as of the end of May this FY hit over US$230million, a decrease of over US$35 million from the same point last year, according to the Commerce Ministry.

Natural gas exports accounted for 45 per cent of the country’s total export earnings, followed by the garment sector with 17 per cent.

The natural gas extracted from the Shwe natural gas field discovered offshore in Rakhine in 2014 is exported to China.

The Yadana natural gas project is conducted by the Total Company with its pipeline to Thailand. According to 2014 statistics, the daily production from the Yadana natural gas field totalled 910 million cubic feet per day, over 700 million cubic feet of which went to Thailand. As the gas field matures and production declines, about 800 million cubic feet are currently produced a day, it is learnt.

Yedagon gas field in Taninthayi offshore was discovered in 1992, and extraction of the gas began in 2000. About 330 million cubic feet were exported daily to Thailand.

There is no local consumption from this gas field. Located in the Gulf of Moattama, the gas from Zawtika Project started to export gas in 2014 to neighbouring Thailand, with its production of 279 million cubic feet for use by Thailand and 64 million cubic feet for local consumption.

The export of natural gas and crude oil was recently battered by the low price.

The country’s export sector is depending more on the agriculture and industrial products of small and medium-sized enterprises, while lessening its reliance on natural resources such as natural gas and jade, it is learnt.

The oil and gas sector ranked first in foreign investment sectors with overall investments of US$22.41 billion in 154 projects as of 30th April, followed by the power, transportation and communications and manufacturing sectors, according to the statistics of the Directorate of Investment and Company Administration (DICA).

Source: The Global New Light Of Myanmar

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