Jul 25, 2012

Japanese firm to help Myanmar improve information gathering ability

Myanmar's natural gas export earned nearly 800 million U.S. dollars in first three months (April-June) of the fiscal year 2012-13, according to local media Monday.
The exported gas was produced from the Yadanar and Yetagun gas fields, the Weekly Eleven said, adding that other gas fields such as Shwe and Zawthika will start their production in 2013.
In Asia-Pacific region, Myanmar stands the second highest natural gas exporting country after Indonesia, the Myanmar Oil and Gas Enterprise (MOGE) said.
With oil and gas sharing most of the foreign investment in Myanmar, foreign companies have long been engaged in the country's 49 inland blocks and 26 offshore blocks in Mon, Taninthayi and Rakhine regions or states since 1988.
They include those from Australia, Britain, Canada, China, Indonesia, India, South Korea, Malaysia, Russia, Singapore, Thailand and Vietnam.
Myanmar has abundant natural gas resources especially in the offshore areas. With three main large offshore oil and gas fields and 19 onshore ones, Myanmar has proven recoverable reserve of 18. 01 trillion cubic feet (TCF) out of 89.72 trillion TCF's estimated reserve of offshore and onshore gas, experts said.
Myanmar started export of gas to Thailand in 1998.
In the fiscal year 2011-12, Myanmar fetched 3.56 billion U.S. dollars through export of gas, up about 640 million dollars from 2. 92 billion dollars in 2009-10 when the highest annual earning was gained with gas export.
Statistics reveal that foreign investment in Myanmar's oil and gas sector had reached 13.815 billion U.S. dollars in 104 projects as of the end of November, 2011, accounting for 34.18 percent and standing the second in the country's foreign investment sectorally after electric power.
Myanmar's Energy Ministry has granted seven Myanmar national- owned companies to do joint venture business with international oil companies on nine blocks out of 18 and two contracts have been inked, according to the earlier report.
The country is estimated to possess 3.2 billion barrels of recoverable crude oil reserve, official statistics also indicate.

Source: Xinhua