ConocoPhillips and Statoil sign deal for deepwater block

Norway’s Statoil and US-based ConocoPhillips will invest more than US$300 million in the exploration and production of offshore oil and gas in Myanmar, according to an official from the Ministry of Energy (MOE). The two international oil companies signed a Production Sharing Contract (PSC) for deepwater block AD-10, located off Myanmar’s Rakhine coast, on April […]

Reliance Industries signs PSC with Myanmar Oil & Gas Enterprise for two offshore blocks

MUMBAI: Reliance Industries has signed a production-sharing contract with Myanmar’s state-owned Myanmar Oil & Gas Enterprise for two offshore blocks that it bagged through competitive bidding in 2013, the Indian energy major said in a statement late Tuesday. Billionaire Mukesh Ambani-led Reliance Industries will be the operator of the blocks with a 96% participating interest. […]

MIC gives nod to last foreign oil firms

The last international oil companies that must still sign Production Sharing Contracts with Myanma Oil and Gas Enterprise have now received permission from Myanmar Investment Commission, a statement said yesterday. International oil firms have been signing the Production Sharing Contracts – which govern exploration and production activities – since December, following a bidding round for […]

India’s ONGC Videsh to get stake in Myanmar oil and gas block

Despite losing out in competitive bidding, ONGC Videsh Ltd (OVL), the overseas arm of state explorer Oil and Natural Gas Corp, may still get a stake in a deep-sea block in Myanmar. OVL had bid for two of the 10 shallow-water blocks that Myanmar had auctioned in December but drew a blank when the fields […]