Friday, July 15, 2011

Myanmar invites partners for 18 onshore oil blocks

YANGON:'' Myanmar has invited bids for companies to operate 18 onshore oil blocks scattered in about half a dozen provinces on a production-sharing contract basis, the biggest number made in a single offer in recent years.

Bidders are allowed to submit up to three proposals for three onshore blocks, the Ministry of Energy said in an announcement in the official English daily, New Light of Myanmar on Friday, July 15.

Proposals should be submitted by Aug. 3, 2011.

Myanmar has been exploring oil and gas in 49 onshore sites and 26 offshore blocks in Rakhine, Tanintharyi and Mon states after entering joint ventures with foreign companies since 1988.

The country's proven gas reserves tripled in the past decade to around 800 billion cubic metres, equivalent to more than a quarter of Australia's, according to the BP Statistical Review. Proven oil reserves data are not immediately available.

Neighbouring Thailand and China are the biggest investors in Myanmar's energy sector.

Companies from Australia, Britain, Canada, Indonesia, India, Malaysia, Russia, South Korea and Vietnam have also reached energy deals with the government.

Total foreign direct investment in the oil and gas sector has amounted to $13.5 billion since 1988, official data show. - Reuters

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