Myanmar to award oil and gas concessions to foreign firms

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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[caption id="attachment_2726" align="alignleft" width="300" caption="Oil block off Myanmar's coast"][/caption] 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...

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.

 

 

 



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

2 COMMENTS

  1. Dear Sir,
    We would like to invest in the oil and gas block in Myanmar, kindly contact us for details. Fyi, we are investor from China, tks
    regards

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