Malaysian company wins exploration rights on two inland blocks
(Mizzima) – The Burmese government signed an energy exploration contract for two inland blocks with a Malaysian company last week.
The production-sharing contract was signed in Naypyitaw among Myanmar's state-run Oil and Gas Enterprise (MOGE), Malaysia's Petronas Carigali Myanmar Inc. and a private Burmese company of UNOG Pte Ltd., according to state-run media.
The two inland blocks are RSF-2 in Tuywintaung Myaingtaung region and RSF-3 in Gwaycho Ngashantaung region, said the New Light of Myanmar on Friday.
Burma’s Energy Ministry has put out international tenders for exploration in 18 inland blocks over the past nine months.
The ministry has granted seven Burmese national-owned companies to do joint venture business with international oil companies on nine blocks out of the 18 and two contracts have been inked, the report said.
The international oil companies include those from Thailand, Indonesia, Thailand, France, Malaysia, Russia, China and India.
Burma has rich natural gas resources especially in offshore areas. With three main large offshore oil and gas fields and 19 onshore, Burma has proven recoverable reserve of 18.012 trillion cubic feet (TCF) out of 89.722 TCF's estimated reserve of offshore and onshore gas, experts said.
The country is also estimated to have 3.2 billion barrels of recoverable crude oil reserve, according to official statistics.
Foreign investment in the oil and gas sector had reached US$ 13.815 billion in 104 projects as of the end of November, 2011, accounting for 34.18 in the country's foreign investment sector, second only to hydropower investments.
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