The British government has just released a report championing the good opportunities for British companies interested in investing in Myanmar’s oil and gas sector.
“Opportunities for British companies in Myanmar’s oil and gas sector” is a 16-page report published January 9 by the UK Trade and Investment department.
The report claims Myanmar is “one of the world’s hotspots for oil and gas exploration” with estimated gas reserves of 10 trillion cubic feet and oil reserves of 50 million barrels.
The report aims to help British businesses identify opportunities in the oil and gas sector by describing recent developments, including the efforts by the President U Thein Sein government to open up the country, and looking at the legal framework and examining responsible business practices.
The report includes a review of recent license awards, how offshore Production Sharing Contracts work in Myanmar, and looks at the opportunities in the sector.
At present, Myanmar’s local capacity is limited, which means there is a demand for international suppliers across the entire supply chain, the report says.
Nay Pyi Taw is keen to work with responsible international businesses to ensure that international standards in health, safety and the environment are met.
Although the report is upbeat on prospects in Myanmar, it has been released at a time when world oil prices have taken a dive, leading to questions short to medium term over investment in the oil and gas sector worldwide, including Asia.