Myint & Associates Offshore Supply Base, a subsidiary of Myint & Associates Co., has received approval from the Myanmar Investment Commission to invest in an offshore supply base project.
Myint said on Saturday it intends to build and operate its offshore supply base in Nga Yoke Kaung Bay area in the Ayeyarwady region which is ideally suited for a project of this type.
To remind, in 2014, the Ministry of Electricity and Energy awarded 20 international consortia rights to explore and produce offshore blocks via the signing of Production Sharing Contracts (PSCs).
The terms of those PSCs require the operators of those blocks to invest in exploration activities, including drilling commitment of a specified number of wells, over a period spanning up to seven years. Myint believes that an offshore supply base located within Myanmar will be a critical requirement to support this activity. The company aims to capture this growing market as well as provide services to the already discovered offshore fields.
Myint, which has been working on its offshore supply base project for the past two years, has undertaken a number of feasibility studies and is well advanced in its planning. It has already conducted an EIA and SIA in consultation with local stakeholders. Following the granting of approval by MIC, the company now plans to fast track its project, which is expected to be ready by the end of 2019.
The company estimates that it would invest $50 million to construct the initial phase of the project and to generate MMK 25 billion ($18.3 million) of state revenues over the first ten years of the project.