Italian energy giant enters Myanmar
Italian energy group Eni SPA has entered Myanmar through a production-sharing agreement for two onshore blocks with the Ministry of Energy, the company said in a statement released in Rome on August 1.
Eni, has a 90 per cent stake in the deal through it unit Eni Myanmar BV, while MPRL E&P, which has operated in Myanmar since 1996, holds the rest. A signature bonus of $26 million was paid to the ministry, sources said.
MPRL has operated the Mann onshore oil and gas block in in Central Myanmar as a contractor to state-run Myanma Oil and Gas Enterprise since 1996. It is registered in the British Virgin Islands, a tax haven. U Moe Myint, its CEO, said the two new blocks “enables us to further leverage our 18 year track record of rehabilitating mature fields in Myanmar”.
The blocks have a combined area of about eight square kilometers. One covers 1.292 square kilometers in what Eni described as the “the prolific Salin Basin about 500 kilometers north of Yangon”. The second covers 6.558 square kilometers in “the unexplored Pegu Yoma-Sittaung Basin, in the central part of Myanmar”, Eni said.
The exploration period will last six years and be subdivided into three phases, the energy company said. Eni won the rights to the blocks in a tender that drew more than 15 bids from international firms for the two blocks.
“This agreement marks Eni’s first entry into Myanmar, a rapidly expanding economy, and confirms its strategy to reinforce its presence in the South East Asia region, where Eni is already present in China, Vietnam, Indonesia and East Timor,” Eni said.
Italian energy group Eni SPA has entered Myanmar through a production-sharing agreement for two onshore blocks with the Ministry of Energy, the company said in a statement released in Rome on August 1. Eni, has a 90 per cent stake in the deal through it unit Eni Myanmar BV, while MPRL E&P, which has operated in Myanmar since 1996, holds the rest. A signature bonus of $26 million was paid to the ministry, sources said. MPRL has operated the Mann onshore oil and gas block in in Central Myanmar as a contractor to state-run Myanma Oil and Gas Enterprise since...
Italian energy group Eni SPA has entered Myanmar through a production-sharing agreement for two onshore blocks with the Ministry of Energy, the company said in a statement released in Rome on August 1.
Eni, has a 90 per cent stake in the deal through it unit Eni Myanmar BV, while MPRL E&P, which has operated in Myanmar since 1996, holds the rest. A signature bonus of $26 million was paid to the ministry, sources said.
MPRL has operated the Mann onshore oil and gas block in in Central Myanmar as a contractor to state-run Myanma Oil and Gas Enterprise since 1996. It is registered in the British Virgin Islands, a tax haven. U Moe Myint, its CEO, said the two new blocks “enables us to further leverage our 18 year track record of rehabilitating mature fields in Myanmar”.
The blocks have a combined area of about eight square kilometers. One covers 1.292 square kilometers in what Eni described as the “the prolific Salin Basin about 500 kilometers north of Yangon”. The second covers 6.558 square kilometers in “the unexplored Pegu Yoma-Sittaung Basin, in the central part of Myanmar”, Eni said.
The exploration period will last six years and be subdivided into three phases, the energy company said. Eni won the rights to the blocks in a tender that drew more than 15 bids from international firms for the two blocks.
“This agreement marks Eni’s first entry into Myanmar, a rapidly expanding economy, and confirms its strategy to reinforce its presence in the South East Asia region, where Eni is already present in China, Vietnam, Indonesia and East Timor,” Eni said.
