Berlanga Myanmar Pte Ltd, a Singapore-based oil exploration firm, will cooperate with Myanmar-based A-1 Mining Co Ltd and the state-run Myanmar Oil and Gas Enterprise to explore an offshore oil block, reported the Global New Light of Myanmar.
The offshore block, designated Motamma M-8, will be the subject of a one-year feasibility study, followed by six years of exploration.
The joint project is expected to cost $153 million.
This comes shortly after two Indian companies negotiated cooperative contracts to explore and extract oil from offshore blocks.
Foreign investment in Myanmar’s oil and gas sector surpassed $15 billion in October, accounting for almost one third of foreign investment in the country, according to official statistics.
Source: Myanmar Business Today