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New round of oil and gas exploration bids to be called soon

The Ministry of Electricity and Energy (MOEE) has announced that it will be calling for bids on onshore and offshore oil and gas blocks for this year.

The announcement was made for 18 onshore and 15 offshore blocks in Rakhine State during the Rakhine State Investment Fair 2019 on February 22.

MOEE Minister U Win Khine said the government is hoping the conclude the process by the end of next month.

U Nyan Tun, deputy managing director of Myanmar Oil and Gas Enterprise, said the bidding this year will be more flexible in terms of conditions placed on production sharing and offer a clearer tender process. U Thaung Tun, the chair of the Myanmar Investment Commission, had said during the Invest Myanmar Summit held in January, that the government is drafting new production-sharing contracts to attract more foreign investors.

Currently, foreign companies are exploring 27 onshore block and 38 offshore blocks, according to MOEE. Discoveries have been made the A-6 block operated by MPRL E&P, Woodside Energy and Total E&P, AD-7 block operated by Posco Daewoo Corporation and Woodside Energy, and AD-1 block operated by CNPC International and Woodside Energy. The blocks are off Rakhine State.

Myanmar has oil and gas resources and oil and gas bearing areas in Rakhine, Hukawng, Chindwin, Shwebo-Monywa, Central Myanmar, Pyay Embayment, Ayeyarwardy Delta, Bago Yoma, Sittaung Valley, Mepale, Mawlamyine, Namyau, Hsipaw-Larshio, Kalaw, Rakhine Offshores, Mottama Offshore and Tanintharyi. Offshore areas of Rakhine, Mottama, and Tanintharyi are actively being explored.

Onshore, central Myanmar, Pyay Embayment and Ayeyarwady Delta are being explored.

Hukaung, Shwebo-Monywa, and Bago Yoma are little explored.

SOURCE: MYANMAR TIMES

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