Canadian Foresight Group Pte Ltd, through its wholly owned subsidiary CFG Energy Pte Ltd along with its partners, has signed a production sharing contract (PSC) with the Myanmar Oil and Gas Enterprise (MOGE) for a shallow offshore block M15.
The firm’s partners are TRG M15 Pte Ltd, part of the Transcontinental Group based in Western Australia, and Century Bright Gold Co Ltd, a subsidiary of the KMA Group.
The consortium won the bid on the block in Myanmar’s licensing round in March 2014.
CFG holds 80 percent participating interest and operatorship in the block while TRG and KMA owns the remainder.
“Winning the M15 Block and being a part of exploration and development of this high potential block is an exciting opportunity. It is an honour for us to be a part of the progress of Myanmar as an emerging energy powerhouse in Asia. We believe that this block has the potential to be a world-class asset,” Songning Shen, CFG’s chairman, said.
The M15 Block encompasses 13,500 square kilometres. It is located directly south and adjacent to the Yetagun field operated by Petronas and Thailand’s PTTEP which has an estimated 4.9 TCF (trillion cubic feet) of gas reserves and is producing 400 million cf gas along with 12,000 barrels condensate oil per day.
CFG said it is currently reprocessing existing 2D and will commence a 3D seismic survey once the required environmental impact assessment studies are completed.
CFG, a Singapore-registered company, previously found new large oil discoveries in Canada and China.