Myanmar Offers 23 Oil, Gas Blocks For Exploration

Myanmar has invited foreign energy firms to explore 23 offshore oil and gas blocks, as the country seeks billions of dollars in investments to tap its vast reserves.

The country is inviting foreign companies to explore and develop 17 deep- water blocks and six shallow-water blocks located in the Rakhine, Mottamaand Tanintharyi offshore areas in the Bay of Bengal and Andaman Sea, Dow Jones reported. 

 State energy company Myanma Oil and Gas Enterprise will hold a stake of between 15% and 25% in each project. Myanmar is planning a new tender for onshore oil and gas fields next month.

 The country has 17 oil fields and five gas fields in production on land. Two offshore gas fields - Daewoo International's Shwe project and PTT Exploration & Production's Zawtika project - are currently under development and are due to begin production next year.

 Myanmar's proven oil and gas reserves as of April last year stood at 2.1 billion barrels and 25 trillion cubic feet, respectively, Dow Jones report said citing country’s energy ministry.