ENI to start oil exploration process in Magwe this year

Italian oil and gas company Eni Myanmar B.V (ENI) will commence oil exploration in onshore block RSF-5 located in Magawe Region by the end of the year, the company announced on May 20.

Exploration work will start between November and December, it said. The block sits across 320,000 acres and ENI is allowed a six-year exploration period.

Eni won the bid to explore at RSF-5 in 2014 and signed an agreement with the government and Myanmar Oil and Gas Enterprise in 2015. ENI owns a 90 percent stake in the RSF-5 block while local company Myanmar Petroleum Exploration and Production owns 10pc.

An Environmental Impact Assessment (EIA)for the proposed drilling project at block RSF-5 will be conducted by ENI submitted to the Environmental Conservation Department. Results will be announced to the public next month, according to the company.

ENI will also hold a meeting with residents affected by the project in Magwe township to present the initial findings of the EIA.

Apart from RSF-5, ENI has invested in the onshore block PSC-K in Bago Region, which is 1.6 million acres, and MD-2 in Bay of Bengal and Mottama Gulf. The company has also won the tender for the MD-4 block.

Source: Myanmar Times

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