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 of them,” said the company’s general manager, Ahamad Lutpi.

The exploration will begin next year.

For offshore exploration, the Myanmar government allows only a maximum of three blocks for each company.

“The offshore exploration’s investment is five times bigger than onshore exploration. We will invest between $200-300 million for each field. Now we are still analyzing and have not yet begun exploration,” added Lutpi.

The Myanmar government is currently trying to become a member of the Extractive Industries Transparency Initiative (EITI).

Petronas Myanmar has been in operations since 1990. It was previously owned by the Malaysian government and has more than 46,000 employees. The company also operates the Yetagun oil and natural gas exploration.

Source: ELEVEN Myanmar

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