Jubilant Energy to Invest $80 million in Myanmar Oil, Gas Block

Jubilant Energy plans to invest about to $80 million on an onshore oil and gas block in Myanmar, media reports said Tuesday.

Myanmar recently awarded 10 onshore oil and gas blocks.

"We had bid for two blocks. They have offered us one, but we are keen for both. We are still negotiating," Chief Financial Officer Vipul Agarwal told Reuters.

The production sharing contract for the block will likely be signed in two to three weeks, he said.