2017 EITI Report Aims for Full Membership

Myanmar submitted its first Extractive Industries Transparency Initiative (EITI) report at the beginning of January which included reports on the oil and gas, jade, gems and mineral sectors. Hydropower sector will be included in the 2017 EITI Report, according to Myanmar EITI. Myanmar currently stands as a ‘candidate country’ within International EITI and Myanmar’s inclusion […]

US sanctions force jade into a corner, say traders

Jade traders say US sanctions have forced them to rely on Chinese investors and buyers, who dodge taxes and operate with little to no transparency. If Washington were to remove sanctions, they say, it would speed up reform in the troubled sector. Since the US banned imports of gems and jade in 2003, China has […]

EITI Research Begins This Month

Myanmar’s Extractive Industries Transparency Initiative (EITI) evaluation will begin this month, according to officials. “The research will commence at the beginning of June under the guidance of Myanmar EITI regarding technical matters of the study and detailed research on respective sectors and handling financial statements,” U Win Aung from EITI committee said. According to a […]

Can EITI membership make resource revenues transparent?

It can be easy joining groups: The challenge is in seeing the membership through. Myanmar signed up to the Extractive Industries Transparency Initiative (EITI) on July 2. The agreement promotes openness and accountable management of revenues from natural resources, requiring annual disclosure of taxes and other payments by oil, gas and mining companies to governments. […]

Resource transparency group accepts Myanmar as candidate

Myanmar was approved as an official “Candidate” country with global resource transparency group Extractive Industries Transparency Initiative (EITI) at its board meeting in Mexico on July 2. Joining the international group has been a public goal of the current Myanmar administration, aiming to increase transparency in a notoriously opaque sector. The EITI is now composed […]

Myanmar Accepted for EITI Scheme, But NGOs Remain Concerned

YANGON — The Extractive Industries Transparency Initiative (EITI), a global anti-corruption scheme, announced on Wednesday that Myanmar has been accepted as a candidate country. The decision means Myanmar has to comply with an international transparency standard for oil, gas and mining earnings in the coming years and marks an important step toward addressing corruption in […]

Myanmar joins natural resource transparency organisation

Myanmar was officially admitted as a candidate country with the Extractive Industries Transparency Initiative (EITI) on July 2. Joining the international group has been a public goal of the current Myanmar administration, aiming to increase transparency in a notoriously opaque sector. The EITI is currently composed of 44 countries will require Myanmar to disclose and […]

Myanmar Awards Offshore Oil and Gas Deals to Foreign Firms

YANGON — Myanmar’s Ministry of Energy on Wednesday announced that it has awarded international firms, mostly from Western nations, 20 areas in its waters to explore for oil and gas. The government has invited international firms to come in and help bolster state revenues by tapping into Myanmar’s oil and gas reserves, and large multinationals […]

Myanmar Petronas to invest in offshore and onshore oil exploration fields

Petronas will invest in both offshore and onshore oil exploration fields in Myanmar, the company says. “We recently received permission from the Myanmar government to explore two onshore oil fields, adding to four onshore oil exploration fields we have now. We roughly estimate that we will be investing US$15 million (Ks 14.6 billion) in each […]

Foreign investors can own 100% of Offshore Deep Water Oil & Gas Blocks

On 10th April 2013 the Myanmar Ministry of Energy issued an announcement launching the long-awaited auction of 30 offshore blocks of oil and gas exploration on production sharing basis. For the 11 shallow water blocks – foreign investors must partner with local Burmese companies. For the 19 deep water blocks where locals do not have […]