Energy dilemma

Myanmar needs oil and gas revenue to spur its economy and new discoveries to feed its growing energy appetite, but low oil prices could bring cutbacks in exploration. Myanmar is bracing for a rougher ride after a few years of giddy economic expansion as foreign direct investment slows amid falling oil prices and global uncertainty. […]

Woodside scores drilling success with gas find off Myanmar

Woodside Petroleum looks well placed to capitalise on its early entry into the exploration hotspot of Myanmar, reporting what chief executive Peter Coleman called an “encouraging” gas discovery at its first well. The find at the Shwe Yee Htun-1 exploration well appears of relatively modest size, at 15 metres of “net gas pay”, but it […]

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 […]

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 […]

Myanmar’s oil and gas boom fuels services scramble

YANGON — As economic and political changes brewed in Myanmar four years ago, Yadana Su Hlaing decided it was time to return home after a decade studying and working overseas to help run Smart Technical Services, the Yangon-based oil and gas support services company founded by her father, K.K. Hlaing. Her timing could not have […]

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 […]

Deutsche says Myanmar is “potentially exciting” frontier play

Offshore Myanmar, where Ophir Energy (LON:OPHR) this week staked its first non-African acreage, is a potentially exciting frontier play, according to Deutsche Bank. Analyst Lucas Herrmann highlights it has proven hydrocarbon potential both onshore and more recently via two gas developments, Schwe & Mya, in the shallow offshore. Ophir was among a group of major […]

Energy giants win Myanmar offshore oil and gas blocks

YANGON: Myanmar named energy giants Chevron, Shell and Total among the winners Wednesday of a landmark auction of offshore oil and gas exploration rights, pinning hope on its natural resources to drive economic growth. The country, left impoverished by nearly five decades of isolation under military rule, has been the subject of feverish interest by […]

PTTEP to invest US$3.3 billion in oil and gas

The Thai national oil giant PTTEP has announced that it will invest US$3.3 billion in Myanmar over the next five years. PTT Exploration and Production (PTTEP) held a press conference in Yangon on Tuesday where it outlined its drilling and exploring operations in Myanmar. “Zawtika is the biggest offshore among the PTTEP projects. We are […]

Oil block announcements on the way

After three months of waiting, the winners in the offshore oil and gas bidding competition are finally set to be announced next month, the Ministry of Energy said. U Htay Aung, the ministry’s chief staff officer, told The Myanmar Times on February 19 that the choice would be announced before the fiscal year ends on […]