Feb 6, 2013

Rising interest in onshore oil and gas blocks, officials say

The country’s largest corporations have already bid for onshore oil and natural gas blocks put to tender last month and more companies are expected to follow suit, the Ministry of Energy said.

The statement follows reports that eight international firms have formed joint ventures with domestic firms to explore for oil and gas in 10 of the 18 onshore blocks put up for bidding.

Last month’s tender drew interest from 37 overseas companies from 18 countries, officials said.

They said Myanmar companies were working with international petroleum companies to find oil and gas for domestic use and for reserves. The Ministry of Energy is also looking for private companies to enter joint ventures to build oil refineries, liquefied gas plants and methanol gas plants, officials said.

The ministry is planning to expand both inshore and offshore exploration, officials said. Myanmar earned more than US$3.4 billion from oil and natural gas in fiscal year 2011 and more than $2 billion so far in the fiscal year ending in March, according to Commerce Ministry figures.

There are 50 onshore oil and natural gas blocks in Myanmar.

Source: 11 Weekly Media