Over $270m to be spent on oil, gas exploration in MyanmarStaff writer ▼ | March 27, 2015
Myanmar Oil and Gas Enterprise (MOGE) and Unocal Myanmar Offshore Company plan to spend $277.85 million over the next six years on oil and gas exploration at offshore block A-5 in Rakhine State, according to the Energy Ministry.
Asia According to the Energy Ministry:
The ministry will receive $82.4 million as a signature bonus.
Also on March 20 in Nay Pyi Taw, MOGE and Woodside Energy Myanmar, BG Exploration and Production Myanmar, and Myanmar Petroleum Exploration and Production signed production-sharing agreements for blocks A-4, A-2 and A-7, also located in Rakhine State.
The ministry will receive $82.4 million as a signature bonus and $3.7 million in surface fees for these blocks.
The ministry opened public tenders for oil blocks in 2013, and selected companies were announced on March 26, 2014. A1 Mining, United National Resources Development Services, Myanmar Petroleum E&P, Smart E&P, Parami Energy Development, Oil Star Management Services, Royal Marine Engineering and Lin Win were selected as joint venture partners for MOGE. ■