Home MMBIZ News PetroleumBRUNEI Signs Myanmar Oil Exploration Deal

PetroleumBRUNEI Signs Myanmar Oil Exploration Deal

Brunei National Petroleum Company Sdn Bhd (PetroleumBRUNEI) has officially been awarded an onshore block in Myanmar to conduct crude oil exploration in the country on a production sharing basis.

Under the contract signed between the Myanmar Oil and Gas Enterprise (MOGE), PetroleumBRUNEI and local firm IGE Ltd in Nay Pyi Taw, the oil exploration will be done at inland oil block EP-1 in Kyaukkyi-Mindon area in Magwe region, central part of the country.

The Bruneian firm was awarded the block on November 19 last year after participating in the 2013 Myanmar Onshore Bidding Round. The onshore block is located 250 kilometre north of Yangon, covering an area of 1,135 square kilometre.

Hj Md Yasmin Hj Umar, Brunei’s minister for energy, who was at the signing ceremony, said in carrying out its operations in EP-1, PetroleumBRUNEI is committed to ensuring high safety, environmental standards and to work alongside the local business community.

“PetroleumBRUNEI is committed to fulfil its obligations under the PSC to explore the block diligently and invest in any commercial discoveries.”

He said following this signing, PetroleumBRUNEI will be carrying out all the exploration activities in the block, including a seismic survey, environmental studies and assessments. Exploration will go on for the next two years and is expected to start in the next five to six months, the minister added.

In July, MOGE initiated contracts with British Virgin Islands-based MPRL E&P Pte Ltd and Myanmar Petroleum Exploration and Production Co to carry out improved petroleum recovery projects at two inland blocks in Pyay and Myanaung.

In early September, MOGE signed contracts with Canadian firm Pacific Hunt Energy Corp and local Young Investment Group to undertake exploration at other inland oil blocks in Indaw-Yanan and Taungoo-Pyinmana in central Myanmar.

- Advertisment -

Must Read

Yangon’s New City Project receives 16 proposals from nine countries

New Yangon City Development Project has received 16 Expressions of Interests (EOI) submitted by companies and consortiums from nine countries in the Swiss Challenge...