Myanmar awards new offshore blocks

Myanmar has awarded 20 blocks to international oil companies as part of its Myanmar Offshore Blocks Bidding Round 2013.

The Asian country’s energy ministry awarded ten shallow water blocks and ten deepwater blocks to the following oil majors: Statoil, Eni, Shell, Total,  ConocoPhillips, BG Group, and Woodside Energy.

UK’s oil and gas producer BG Group, confirmed the information, revealing that it would operate two blocks, A4 and AD2 (45% and 55% equity respectively). The company also secured non-operated acreage in blocks A7 and AD5 (45% equity in each). These are located in the Rakhine Basin, in the western offshore area of Myanmar and were awarded as part of the government’s 2013 Offshore Bid Round.

BG Group and its bidding partners have committed to a 3D seismic acquisition programme in each block, expected to begin in 2014/15 with options for future drilling.

According to U.S. Energy Information Administration (EIA), Myanmar is an important natural gas producer within Southeast Asia, though its upstream hydrocarbons sector is underdeveloped. Sanctions, a lack of technical capacity, opaque regulatory policy, and insufficient investment by foreign firms have significantly impeded the country’s efforts to realize its oil and gas production potential. However, many U.S. and European Union sanctions were eased or suspended in 2012 in response to political and economic reforms in Myanmar. The country began reforming its foreign direct investment law and providing greater revenue incentives for international company investments in 2012.

 

 

 

Offshore Energy Today Staff, March 26, 2013

 

 

Share this article

Follow Offshore Energy Today

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply