MIC approves Unocal, Stat Oil and Conoco Phillips offshore projects in Rakhine

The Myanmar Investment Commission has permitted Unocal Myanmar Offshore Co Ltd (Bermuda), Stat Oil Myanmar Private Ltd (Singapore) and Conoco Phillips Myanmar E&P Pte Ltd (Singapore) to operate oil and natural gas projects at offshore work sites in Rakhine State.

Unocal Myanmar Offshore Co Ltd will partner with Royal Marine Engineering Co Ltd (Myanmar) to explore oil and natural gas at work site A-5. The joint venture was approved on January 31.

MIC gave permission on the same day to Stat Oil Myanmar Private Ltd and Conoco Phillips Myanmar E&P Pte Ltd to operate oil and natural gas exploration projects at work site A-10.

Eight local companies have reportedly been selected to partner with the foreign companies that have been approved to conduct offshore oil and gas exploration in Myanmar. These local companies are A1 Mining Co Ltd, United National Resources Development Services Co Ltd, Myanmar Petroleum E&P Co Ltd, Smart E&P Co Ltd, Parami Energy Development Co Ltd, Oil Star Management Services Co Ltd, Royal Marine Engineering Co Ltd, and Lin Win Co Ltd.

The Ministry of Energy announced the selected companies for 20 offshore oil and natural gas exploration work sites on March 26, 2014. Several of the world’s top petroleum companies were selected, including Shell, Chevron, Conoco Phillips, Total E&P, BG, Woodside Energy and Oil India.

The Ministry of Energy called for tenders to implement oil and natural gas exploration in onshore and offshore work sites in 2013. The first companies to be selected were announced in July 2013.

There are over 160 local companies registered for cooperation with foreign investors in the oil and gas sector, according to the Ministry of Energy.

Source: ELEVEN

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