Myanmar to Grant 13 More Blocks for Offshore Gas Exploration
Posted on: Saturday, 30 July 2005, 09:00 CDT
Myanmar to grant 13 more blocks for offshore gas exploration
YANGON, July 30 (Xinhua) -- Myanmar will grant 13 new blocks in its offshore areas for foreign investment in oil and gas exploration and production, the local weekly 7-Day News reported Saturday.
The new blocks include eight in the gulf of Mottama and five off the Rakhine coast, project officials of the Ministry of Energy was quoted by the weekly as saying.
The country has so far designated a total of about 600 blocks 320 kilometers within its territorial waters for oil and gas exploration, of which 25 are under exploration. Of the 25, 12 are located in the gulf of Mottma, six off the Tanintharyi coast and seven off the Rakhine coast.
Since Myanmar opened to foreign investment in the sector in 1988, oil companies from a dozen countries have stepped in. Outstanding investments in the area include the Yadana gas field project in the gulf of Mottama and the Yetagun one off the Tanintharyi coast.
The Yadana involves multi-national companies of PTTEP (Thailand) , TOTAL (France), UNOCAL (the United States) and MOGE (Myanmar), while the Yetagun includes PTTEP (Thailand), Petronas (Malaysia), Nippon (Japan) and MOGE (Myanmar).
Myanmar has a total of 87 trillion cubic-feet (TCF) or 2.46 trillion cubic meters (TCM) ) of gas reserve and 3.2 billion barrels of recoverable crude oil reserve.
Since Myanmar opened to foreign investment in late 1988, investment in the oil and gas sector had reached 2.5 billion dollars as of the beginning of 2004, official figures disclose. Foreign oil companies engaged in the oil and gas sector mainly include those from Australia, Britain, Canada, China, Indonesia, India, South Korea, Malaysia and Thailand.
Myanmar, abundant with natural gas resources, stands at a position to become a main gas exporting country in Asia, observers view.
Source: Xinhua News Agency - CEIS
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