Home MMBIZ News More Oil and Gas Blocks to Go Up for Auction Next Year

More Oil and Gas Blocks to Go Up for Auction Next Year

The Ministry of Energy is going to grant a total of 15 oil and gas blocks for exploration next year, state-run Myanmar Oil and Gas Enterprise (MOGE) announced.

“We will grant permit to companies with transparency,” U Myint Kyi, former managing director of MOGE, told a conference.

Among Myanmar’s 53 oil and gas blocks, the ministry granted 16 blocks to foreign companies earlier this year. The companies will start their operation early next year.

By the end of August, foreign direct investment in Myanmar’s oil and gas sector reached over $15 billion, accounting for over 30 percent of overall investment.

Besides, ten companies already proposed to form joint ventures with the government and the ministry has initially selected nine from France, US, UK, Singapore and Germany.

The ministry also invited tenders from advisory companies to form joint ventures for drilling, assessment and piping.

As MOGE will need to submit a report on its budget usage and internal works to the Extractive Industries Transparency Initiative (EITI), within 18 months, it is expected that there will be more transparency in the tender process.

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