Myanmar selects oil firms for 20 offshore blocks

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Platform offshore MyanmarMyanmar’s Ministry of Energy announced a final list of top oil companies selected for exploring oil and gas at Myanmar’s 20 offshore blocks on March 26, Eleven Myanmar reported.

Global oil companies such as Shell, Chevron, ConocoPhillips, Total E&P, BG, Woodside Energy and Oil India are among the selected firms.

For those 20 offshore blocks, of which 10 are in deep-sea waters, the government invited tenders last year. The short list of initially selected companies was July 2013.

Currently, there are at least 160 citizen-owned companies registered with the ministry of energy to cooperate with foreign firms in oil and gas sector.

The ministry said in the announcement that they are going to emphasise inland and offshore gas exploration to generate more profits from oil and gas, while reforming the offshore gas exploration sector.

Joint ventures between citizen-owned and foreign oil and gas businesses are exempt for export and import license application, according to the Ministry of Commerce.

Foreign investment in Myanmar’s oil and gas sector reached over $14 billion as per January 2014. It represents 31.71 per cent of total foreign investment, according to the Ministry of National Planning and Economic Development.

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Reading Time: 1 minute

Myanmar’s Ministry of Energy announced a final list of top oil companies selected for exploring oil and gas at Myanmar’s 20 offshore blocks on March 26, Eleven Myanmar reported.

Reading Time: 1 minute

Platform offshore MyanmarMyanmar’s Ministry of Energy announced a final list of top oil companies selected for exploring oil and gas at Myanmar’s 20 offshore blocks on March 26, Eleven Myanmar reported.

Global oil companies such as Shell, Chevron, ConocoPhillips, Total E&P, BG, Woodside Energy and Oil India are among the selected firms.

For those 20 offshore blocks, of which 10 are in deep-sea waters, the government invited tenders last year. The short list of initially selected companies was July 2013.

Currently, there are at least 160 citizen-owned companies registered with the ministry of energy to cooperate with foreign firms in oil and gas sector.

The ministry said in the announcement that they are going to emphasise inland and offshore gas exploration to generate more profits from oil and gas, while reforming the offshore gas exploration sector.

Joint ventures between citizen-owned and foreign oil and gas businesses are exempt for export and import license application, according to the Ministry of Commerce.

Foreign investment in Myanmar’s oil and gas sector reached over $14 billion as per January 2014. It represents 31.71 per cent of total foreign investment, according to the Ministry of National Planning and Economic Development.

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