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Foreign firms sign more oil exploration deals with Myanmar

YANGON, Dec. 6 (Xinhua) — Three Indian companies reached more production-sharing contracts with Myanmar on cooperation in offshore oil and natural gas exploration in Nay Pyi Taw over the last two days.

Under the contracts, the Oil India Ltd, Mercator Petroleum Ltd, Oilmax Energy Pvt Ltd of India and Oil Star Management Service Co Ltd of Myanmar as well as state-run Myanma Oil and Gas Enterprise, oil and gas exploration will be carried out at Mottama offshore M- 4 block and Taninthayi offshore YEB block.

The companies will spend 120.9 million U.S. dollars in one year observation period and six months 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, or 30.22 percent of the total foreign investment, which is the second largest in Myanmar’s foreign investment line-up after electric power.

Source: GlobalPost

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