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Natural gas from Offshore A-6 plot to be produced in 4 years

Natural gas from Offshore A-6 block will be produced in 4 years time while other offshore blocks will be opened for international tender with the government current adjusting profit sharing rates, according to Union Minister for Investment and Foreign Economic Relations, Thaung Tun.

“We have found natural gas in offshore 6. But, it is a deep sea project so it is difficult to produce natural gas all at once. Normally, it takes 8 years to produce the natural gas. But we are doing our best to produce natural gas from it in within 4 years,” said Union Minister for Investment and Foreign Economic Relations, Thaung Tun.

“Now we are discussing how to grapple with world’s fuel market price and for companies and the country to gain profit. In some blocks, 90 percent had to be given back to the country. The company gets only 10 percent. At present, the oil prices are fluctuating. If we apply the above mentioned rates, companies will not be interested. So, we will have to observe other countries’ systems. We are also working to be equal to other countries,” continued Thaung Tun.

In Myanmar’s off-shore A block, MPRLE & P had invested 20 percent, Woodside Energy (Myanmar Pte., Ltd) based in Australia had invested 40 percent, Total E&P Myanmar invested 40 percent.

“Our country needs electricity to be developed. We are seeking every possible ways to get electricity. Now, natural gas from offshore block 6 will be transported to land and produce electricity. It will take 4 years at least. In the meantime, our Ministry will import liquefied natural gas (LNG) to provide necessary electricity in our country,” added Thaung Tun.

SOURCE: ELEVEN MYANMAR

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