Sep 2, 2011

UPDATE: Myanmar Oil, Gas Exploration Tender Draws Over 50 Bids

-- Myanmar exploration tender attracts bids from 50 foreign firms

-- Tender offers 18 onshore oil and gas exploration blocks

-- Bidders from China, Europe, Middle East, Russia and Southeast Asia

Myanmar has received more than 50 bids for an oil and gas exploration tender, which closed last week, a government official said Thursday.

The bidders are from China, Europe, Middle East, Russia and Southeast Asia, the official, who didn't wish to be named, said.

The energy planning department is now short-listing the bidders and will invite selected firms to review the geological and geophysical data of 18 onshore blocks, mostly in central areas, the official said.

Each short-listed foreign firm is required to form a joint venture with an approved Myanmarese company to bid in the tender. Local companies participating in the tender have to register with the energy ministry by Sept. 9.

Once the review of geological and geophysical data is completed, the joint ventures can submit details on the work program and budget to the ministry.

As of April 1, 2008 the country's proven onshore and offshore crude-oil reserves were 112 million barrels and 101 million barrels respectively, Myanmar Oil and Gas Enterprise, which regulates the upstream oil and gas sector, said previously.

Proven onshore and offshore natural gas reserves totaled 0.46 trillion cubic feet and 17 trillion cubic feet respectively.

Source: Dow Jones Newswires