Young Investment and Aust company get drilling permits

Two companies have received permits to drill for oil in areas in the centre and north of the country, the Ministry of Energy has said.

Young Investment Group and Pacific Hunt Energy, an Australian firm, have won permission from Myanma Oil and Gas Enterprise (MOGE) and the government to drill on over 10 million acres in Inndaw, Taungoo and Pyinmana.

Union Minister of Energy Zayar Aung signed an agreement with the companies at the Thingaha Hotel in Nay Pyi Taw on Friday.

Drilling on two blocs – PSC C-1 (Indaw-Yenan) in the Chindwinn Basin and PSC H (Taungoo-Pyinmana) in the Pegu Yoma and Sittoung Basin – is expected to start this year.

However, neither the ministry nor related companies revealed the amount that would be invested, or profit share arrangements that the government will get from the agreement.

“We cannot tell the amount of money like this. Figures for the project processes can be told,” Myo Myint Oo, managing director of MOGE said, adding that environmental and social impact assessments for drilling projects would be done well.

Research and assessment would be done on damage to the environment and local people’s livelihoods by the two companies and reported to the Energy and Forestry ministries.

But he could not say when these reports would be revealed.

The two companies, both founded in 1998, have investment of over US$100 million in the country.

Myanmar-based Young Investment Group has branches in China and Singapore, plus more than a dozen subsidiaries in sectors such as manufacturing, building, insurance, IT and trade. It has permits to excavate gems, jade, and minerals, plus an Agriculture and Irrigation Ministry-owned “Htun” compound and other factories.


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