Oct 20, 2013

Russia's Bashneft wins contract for onshore energy block in Myanmar

Russian oil company Bashneft has won the right to develop an onshore energy block, EP-4, in Myanmar, the company and Myanmar's energy ministry said.

The deal would mark a foray into South East Asia for Bashneft, which also has an exploration license in Iraq.

Bashneft will partner with Sun Apex Holding Limited, a local company that will hold 10 percent of the project. The companies are planning to invest $38.3 million in a three-year exploration of the block, which has an area of 841 square kilometres, Bashneft said.

Bashneft is one of several foreign companies awarded Production Sharing Contracts by Myanmar's government for 16 onshore energy blocks.

Source: Reuters