Aug 4, 2014

Onshore oil blocks to be awarded next week

The Ministry of Energy has announced that four out of 16 onshore blocks offered last year were already awarded to winning bidders and that the remaining deals would be signed next week.

"The signing for 4 out of 16 onshore blocks took place on July 30. The deals for remaining blocks will be signed on August 8,9 and 10," said a ministry official.

According to the reports from the ministry, improved petroleum recovery contract and production sharing contract were signed for four onshore blocks and the ministry received US$26.01 million in return.

Respective companies are going to carry out environmental and social impact assessments in project areas, said the reports.

Myanmar currently has 24 offshore blocks on which 10 foreign companies are extracting oil and 10 onshore blocks on which 8 foreign companies are working.
Foreign firms working in onshore blocks are from the United States, Netherlands, Canada, Australia, England, Japan and South Korea.

Source: Eleven Weekly Media