Parami Energy Group has signed production sharing contracts for two onshore oil blocks with the Myanmar Investment Commission (MIC), the group’s chief operating officer Yap Kwong Weng said.
Parami Energy group will enter into a partnership with Pakistan’s Petroleum Exploration (Pvt) Limited (PEL) and UK-based Siren Exploration and Production as a local partner to operate on the oil blocks where Parami will have 30 percent stake and the partner firms will hold the rest.
“Our company will conduct EIA (Environmental Impact Assessment) and SIA (Social Impact Assessment). There won’t be any complication in getting the locals’ consent. But we have to be extra careful as a foreign company is involved,” U Ken Tun, founding chairman and chief executive officer of Parami Group said.
The cost of the project is estimated to be 20 percent higher than previous projects as it aims to settle the concerns of the locals prompted by the inclusion of a foreign firm, he added.
The two oil blocks are PSC O, which is located near Pathein, capital of Ayeyarwaddy region, and PSC J, which stretches from the town of Mudon in Mon state to Pha-An, capital of Kayin state.
Founded in 2014, the group has officially expanded its business into oil and gas industry in 2009 and currently focuses on oil and gas, energy and construction sectors.