YANGON, A Singapore-based company will cooperate with Myanmar’s state enterprise and private company in oil and gas exploration in one more offshore block in the Southeast Asian country, local media reported on Sunday.
The undertaking at the Mottama offshore M-8 block is to be carried out under a production sharing contract signed between the Berlanga Myanmar Pte Ltd registered in Singapore, state-run Myanmar Oil and Gas Enterprise and A-1 Mining Co Ltd.
The three companies will spend 153 million U.S. dollars on a one-year feasibility study and six-year operation, said the Global New Light of Myanmar.
Days earlier, three Indian companies reached similar production- sharing contracts with Myanmar on cooperation in offshore oil and natural gas exploration at the Mottama offshore M-4 block and Taninthayi offshore YEB block.
These companies will spend 120 million U.S. dollars in a one- year observation period and six-month exploration period for the two blocks.
According to official statistics, total foreign investment in Myanmar’s oil and gas sector amounted to 15.18 billion U.S. dollars as of October, accounting for 30.22 percent of the total foreign investment in the country and making the sector the second largest in Myanmar’s foreign investment line-up after electric power.