Myanmar to award oil and gas concessions to foreign firms

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Oil block off Myanmar's coast

Myanmar is in the process to award concessions for nine onshore oil and gas blocks to seven foreign oil companies, the Myanmar energy ministry announced on March 28. There will also be another tender soon, it said.

The news were revealed at a two-day “Oil, Gas and Power Summit” in Yangon organised by the Myanmar Ministry of Energy and Centre for Management Technology for international corporations interested in investing in Myanmar.

Foreign oil companies awarded an oil and gas block will need to have at least one domestic energy firm as a partner, the ministry said.

In January, Myanmar already agreed on concession deals for ten offshore blocks, which were allocated to companies from East Asia, Russia, and Switzerland.

US and Canadian firms are banned from investing in Myanmar due to sanctions. Europe has restrictions on domestic support for the country’s timber and mining industries but not energy. However, if reforms continue at the quick pace, it is likely that the sanctions might be lifted, a conference delegate said.

Myanmar currently produces 19,600 barrels per day of crude oil and 1.475 billion cubic feet a day of natural gas. The latter is mostly exported to Thailand and China.

According to data presented at the summit, Myanmar’s proven oil reserves stand at 104 million barrels onshore and another 35 million offshore. Proven natural gas reserves were estimated at 410 billion cubic feet onshore and eleven trillion offshore.

Myanmar lately has been moving fast to implement political and economic reforms, promising to float its currency and proposing major revisions to its foreign investment law. This includes the banking and tourism sector.

 

 

 

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Reading Time: 2 minutes

Oil block off Myanmar's coast

Myanmar is in the process to award concessions for nine onshore oil and gas blocks to seven foreign oil companies, the Myanmar energy ministry announced on March 28. There will also be another tender soon, it said.

Reading Time: 2 minutes

Oil block off Myanmar's coast

Myanmar is in the process to award concessions for nine onshore oil and gas blocks to seven foreign oil companies, the Myanmar energy ministry announced on March 28. There will also be another tender soon, it said.

The news were revealed at a two-day “Oil, Gas and Power Summit” in Yangon organised by the Myanmar Ministry of Energy and Centre for Management Technology for international corporations interested in investing in Myanmar.

Foreign oil companies awarded an oil and gas block will need to have at least one domestic energy firm as a partner, the ministry said.

In January, Myanmar already agreed on concession deals for ten offshore blocks, which were allocated to companies from East Asia, Russia, and Switzerland.

US and Canadian firms are banned from investing in Myanmar due to sanctions. Europe has restrictions on domestic support for the country’s timber and mining industries but not energy. However, if reforms continue at the quick pace, it is likely that the sanctions might be lifted, a conference delegate said.

Myanmar currently produces 19,600 barrels per day of crude oil and 1.475 billion cubic feet a day of natural gas. The latter is mostly exported to Thailand and China.

According to data presented at the summit, Myanmar’s proven oil reserves stand at 104 million barrels onshore and another 35 million offshore. Proven natural gas reserves were estimated at 410 billion cubic feet onshore and eleven trillion offshore.

Myanmar lately has been moving fast to implement political and economic reforms, promising to float its currency and proposing major revisions to its foreign investment law. This includes the banking and tourism sector.

 

 

 

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