Page 37 - Oil&Gas-AustralAsia-2015-Issue-3
P. 37
M YANMAR
Myanmar reaches $8 billion FDI
By Marie RYAN
According to a recent report from Reu- ing with the organisation to develop the 4,247 megawatts, and crude oil require-
ters, Myanmar has received more than country’s offshore base. ments will reach 320,000 barrels/day,
US$8 billion in Foreign Direct Invest- The oil and gas industry in Myanmar and gas - 1,800 million standard cubic
ment (FDI) last fiscal year, more double now accounts for 45 per cent of total feet/day.”
the government’s US$4 billion target. foreign direct investment. As a result, oil and gas activities are
At a recent conference in Yangon a sen- Chairman of the SMART Group of expected to pick up towards early 2016,
ior official from the Myanmar Invest- Companies U Kyaw Kyaw Hliang said at as winners of the 2014 tenders such as
ment Commission credited this to the a recent meeting for oil and gas drilling BG, Petro Brunei, PTT Exploration and
expansion of the telecoms industry and contractors Myanmar is catching its Production (PTTEP) and Shell begin
the increase of foreign energy company breath in 2015 with the future of the their seismic surveys.
and manufacturer investment. sector looking bright. With the high levels of activity expect-
Last year 40 onshore and offshore According to international consultants ed to hit the oil and gas industry in
blocks have been awarded to interna- McKinsey, the country’s current GDP is Myanmar, the need for varied range
tional industry players such as Chevron, US$50 billion and is expected to rise to of technical knowledge in seismic and
Shell and TOTAL, with the Myanma US$200 billion by 2030. drilling solutions and services over the
Oil and Gas Enterprise (MOGE) also “Demand for oil and gas will intensify next five years is more urgent than ever.
planning to privatise assets such as the as the economy progresses. It is estimat- In addition, expertise is also neces-
offshore supply base, where a mix of 52 ed that, by 2030 Myanmar’s gas-fired sary in related areas from regulation
local and international companies had power stations will need to produce and compliance to logistics and even
expressed strong interest in collaborat- insurance.§
Eni signs second PSC in Myanmar
By Marie RYAN
Italian energy major Eni has signed a from the coast, west of the major with significant potential and a rapidly
second Production Sharing Contract offshore discovery Yadana field in My- developing economy.
(PSC) as part of a joint venture for the anmar. MD-2 covers an area of 10,330 “We become one of the largest oper-
exploration of two blocks in offshore square kilometres in water depths rang- ators in the exploration activities in
Myanmar MD-02 and MD-04. The ing from 500 to 2,400 metres. Myanmar, taking a further step in our
Joint Venture participants include Eni, MD-4 Block is located in the Moatta- organic growth strategy in Southeast
the operator with an 80 per cent partic- ma-South Andaman Basin, approxi- Asia where we are already present in
ipating interest through Eni Myanmar mately 230 kilometres from the coast China, Vietnam and Indonesia,” Des-
B.V, and PetroVietnam Exploration west of the Yetagun gas field, covering calzi said.
Production Corporation holding the an area of 5,900 square kilometres in Eni entered Myanmar in July last
remaining 20 per cent. water depths ranging from 1,500 to year, signing the Production Sharing
The contract includes an agreement for 2,200 metres. Contracts for the exploration of two
a two year study period followed by an Eni’s Hief Executive Claudio Descalzi onshore Blocks, RSF-5 and PSC-K, lo-
exploration period of six years, subdi- said the contracts signed have further cated in the prolific Salin Basin and the
vided into three phases. expanded Eni’s exploration portfolio unexplored Pegu Yoma-Sittaung Basin,
Block MD-2 is located in the southern through new and important oppor- respectively.§
part of the Bay of Bengal, in the Rakh- tunities, which allow the company to
ine Basin, approximately 135 kilometres strengthen its presence in a country
A Awww.oilandgasaustralasia.com JULY/AUGUST 2015 OIL & GAS ustral SIA 35
Myanmar reaches $8 billion FDI
By Marie RYAN
According to a recent report from Reu- ing with the organisation to develop the 4,247 megawatts, and crude oil require-
ters, Myanmar has received more than country’s offshore base. ments will reach 320,000 barrels/day,
US$8 billion in Foreign Direct Invest- The oil and gas industry in Myanmar and gas - 1,800 million standard cubic
ment (FDI) last fiscal year, more double now accounts for 45 per cent of total feet/day.”
the government’s US$4 billion target. foreign direct investment. As a result, oil and gas activities are
At a recent conference in Yangon a sen- Chairman of the SMART Group of expected to pick up towards early 2016,
ior official from the Myanmar Invest- Companies U Kyaw Kyaw Hliang said at as winners of the 2014 tenders such as
ment Commission credited this to the a recent meeting for oil and gas drilling BG, Petro Brunei, PTT Exploration and
expansion of the telecoms industry and contractors Myanmar is catching its Production (PTTEP) and Shell begin
the increase of foreign energy company breath in 2015 with the future of the their seismic surveys.
and manufacturer investment. sector looking bright. With the high levels of activity expect-
Last year 40 onshore and offshore According to international consultants ed to hit the oil and gas industry in
blocks have been awarded to interna- McKinsey, the country’s current GDP is Myanmar, the need for varied range
tional industry players such as Chevron, US$50 billion and is expected to rise to of technical knowledge in seismic and
Shell and TOTAL, with the Myanma US$200 billion by 2030. drilling solutions and services over the
Oil and Gas Enterprise (MOGE) also “Demand for oil and gas will intensify next five years is more urgent than ever.
planning to privatise assets such as the as the economy progresses. It is estimat- In addition, expertise is also neces-
offshore supply base, where a mix of 52 ed that, by 2030 Myanmar’s gas-fired sary in related areas from regulation
local and international companies had power stations will need to produce and compliance to logistics and even
expressed strong interest in collaborat- insurance.§
Eni signs second PSC in Myanmar
By Marie RYAN
Italian energy major Eni has signed a from the coast, west of the major with significant potential and a rapidly
second Production Sharing Contract offshore discovery Yadana field in My- developing economy.
(PSC) as part of a joint venture for the anmar. MD-2 covers an area of 10,330 “We become one of the largest oper-
exploration of two blocks in offshore square kilometres in water depths rang- ators in the exploration activities in
Myanmar MD-02 and MD-04. The ing from 500 to 2,400 metres. Myanmar, taking a further step in our
Joint Venture participants include Eni, MD-4 Block is located in the Moatta- organic growth strategy in Southeast
the operator with an 80 per cent partic- ma-South Andaman Basin, approxi- Asia where we are already present in
ipating interest through Eni Myanmar mately 230 kilometres from the coast China, Vietnam and Indonesia,” Des-
B.V, and PetroVietnam Exploration west of the Yetagun gas field, covering calzi said.
Production Corporation holding the an area of 5,900 square kilometres in Eni entered Myanmar in July last
remaining 20 per cent. water depths ranging from 1,500 to year, signing the Production Sharing
The contract includes an agreement for 2,200 metres. Contracts for the exploration of two
a two year study period followed by an Eni’s Hief Executive Claudio Descalzi onshore Blocks, RSF-5 and PSC-K, lo-
exploration period of six years, subdi- said the contracts signed have further cated in the prolific Salin Basin and the
vided into three phases. expanded Eni’s exploration portfolio unexplored Pegu Yoma-Sittaung Basin,
Block MD-2 is located in the southern through new and important oppor- respectively.§
part of the Bay of Bengal, in the Rakh- tunities, which allow the company to
ine Basin, approximately 135 kilometres strengthen its presence in a country
A Awww.oilandgasaustralasia.com JULY/AUGUST 2015 OIL & GAS ustral SIA 35
