Mitsubishi Buys Stake in Myanmar Gas Project

Mitsubishi Corporation (MC) has agreed to acquire stake in Myanmar oil and gas project and pipelines in Block M-12/13/14 in the Andaman Sea, including the Yetagun gas field.

MC will purchase 10% stake in Nippon Oil Exploration (Myanmar) Limited (NOEM), which holds 19.3% participating interest the aforementioned projects.  JX Nippon Oil & Gas Exploration Corporation (JX NOEX) owns 50% interest in NOEM.

The Yetagun gas field was discovered in 1992, and its natural gas production commenced in 2000. Natural gas produced from the field is being sold and supplied to Petroleum Authority of Thailand (PTT) through a pipeline.

The project is operated by a subsidiary of Petronas. NOEM's net sales volume is around 50 million cubic feet per day (8,000 barrels of oil equivalent per day) of natural gas and 800 barrels per day of condensate.

Yetagun is Myanmar's second largest gas field behind Yadana. There are a number of already discovered gas fields under development in this block and others that hold prospects.

“MC will work in partnership with JX NOEX to enhance the value of the Yetagun project and, in so doing, play a role in securing a stable energy supply in Asia through the promotion of oil and gas upstream projects in Myanmar,” Mitsubishi said.

Sign-up for our free weekly newsletter update via email here