Home MMBIZ News Gov’t Signs Petroleum Recovery Deals on Two Onshore Blocks

Gov’t Signs Petroleum Recovery Deals on Two Onshore Blocks

The authorities have signed improved petroleum recovery deals for two onshore blocks with foreign and local firms.

Under contracts initiated in Nay Pyi Taw between the state-run Myanmar Oil and Gas Enterprise (MOGE), British Virgin Islands-based MPRL E&P Pte Ltd and Myanmar Petroleum Exploration and Production Co, the tasks of improved petroleum recovery is to be implemented on two onshore blocks in Pyay and Myanaung out of 16 onshore blocks.

The oil companies are to conduct the environmental impact assessment (EIA) and social impact assessment (SIA) in the respective blocks and cooperate with local authorities for development of the regions.

In October 2013, 10 foreign companies out of 78 – from Britain, Brunei, Canada, India, Italy, Luxembourg, Malaysia, Pakistan, Russia and Thailand – won tenders for oil and gas exploration at 16 onshore blocks in Myanmar.

According to official statistics, foreign investment in the oil and gas sector amounted to $14.372 billion in 115 projects as of June, accounting for 30.76 percent of the total. The sector is the second-largest foreign investment receiving sector following electric power.

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