Saturday, April 23, 2011

Myanmar Seeks More Cooperation With Foreign Firms In Oil, Gas Exploration And Production

YANGON, April 23 (Bernama) -- Myanmar Oil and Gas Enterprise (MOEG) under the Ministry of Energy has planned to cooperate more with foreign companies in oil, gas exploration and production in different regions of the country, China's Xinhua news agency said citing a report in the official daily New Light of Myanmar Saturday.

At the meeting of Special Projects Implementation Committee at the President's Office in Nay Pyi Taw Friday, the Minister for Energy U Than Htay addressed the arrangements being made to sign contracts for oil and gas exploration and production at inland block F (Ngahlinetwin region) by MOEG and North Petro-Chem Corporation Ltd (NPCC) of the People's Republic of China.

For mining of shale at Mapale region in Kayin state, MOEG will cooperate with SNOG Pte., Ltd of Singapore and UPR Pte., Ltd, he said.

Moreover, MOEG will carry out oil and natural gas exploration and production at Rakhine offshore block A-5 and A-7 and Taninthayi offshore blocks M-15 and M16 in cooperation with Korea- Myanmar Development Co Ltd (KMDC) of ROK and Brilliant Oil Corporation of Pte Ltd (BOC) of Singapore, he added.

U Than Htay also stressed the arrangements for upgrading of Petrochemical Plant (Thanpayakan) under Myanmar Petrochemical Enterprise.

Meanwhile, Myanmar has started a gas development project in block A-3 (Mya Field) off western Rakhine coast to enable production and sale of the gas from the field by 2013.

Up to December last year, foreign investment in Myanmar's oil and gas has hit US$13.5 billion since the country opened to such investment in late 1988.

Leading in foreign investment line-up sectorally, the oil and gas sector is followed by electric power with US411.341 billion, mining US$2.395 billion, manufacturing US$1.663 billion, hotels and tourism US$1.064 billion and agriculture US$96.351 million.

The country's gas export in 2009-10 amounted to 8.29 billion cubic meters, standing as the second largest gas exporter in Asia- Pacific region.

According to the geological condition, Myanmar has 14 geological valleys in the onshore regions, among which the state- run Myanmar Oil and Gas Enterprise has conducted surveys in the central region, Pay and Delta regions.

It was reported that there remains many more promising regions for exploitation of oil and gas in the country.