Eni Enters Myanmar, Signs Two PSCs

Italian energy major Eni on Thursday announced signing of two Production Sharing Contracts (PSC) with Myanmar Production and Exploration Company.

The two onshore blocks are RSF-5 and PSC-K. Block RSF-5 covers an area of 1,292 sq km in the Salin Basin about 500 km north of Yangon, while Block PSC-K covers an area of 6,558 sq km in the unexplored Pegu Yoma-Sittaung Basin, in the central part of Myanmar.

Eni will be the operator through Eni Myanmar and will hold 90 per cent interest while Myanmar Production and Exploration Company will have 10 per cent stake.

This agreement marks Eni’s first entry into Myanmar and confirms its strategy to reinforce its presence in the South East Asia region, the Italian firm said.