Thursday, December 1, 2011

Petronas says bidding for Myanmar oil field

KUALA LUMPUR (Dec 1): Malaysia's state oil firm Petronas has put in a bid for an onshore energy field in Myanmar, Executive Vice President of Exploration and Production Wee Yiaw Hin said on Thursday.

"At the moment in Myanmar we are only offshore and the business has been quite good," Wee told reporters after announcing Petronas' quarterly earnings.

"There has been recently a bid on the onshore block and we are looking at opportunities to go onshore in Myanmar."

Wee said the bidding process will end some time next year. He added that he was not aware of any other Malaysian companies bidding for the same blocks.

Wee was earlier quoted as saying Petronas was deriving good value from operations in Sudan, Myanmar, Turkmenistan and Vietnam and is on the lookout for "new basins and a few value growth areas" in these regions.

Myanmar closed its biggest oil and gas exploration tender in years in August, a few months after it cautiously started political reforms, and the government is now processing bids. - Reuters


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