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Saturday, December 3, 2016

Three Offshore Blocks in Myanmar Explored

February 27, 2006

Three more available blocks off Myanmar's southern Tanintharyi coast are under natural gas exploration with test wells being planned for drilling by Malaysia 's Petronas Company. A geophysical site survey at blocks M-16, M-17 and M-18, with areas ranging from about 13,000 square-kilometers (sq-km) to 14, 000 sq-km, has begun this week and the survey will last over a month until late March. Recent years have seen foreign oil companies increase engagement in oil and gas exploration in Myanmar. Thailand's PTTEP, for example, has covered a number of blocks including M-3, M-4, M- 7, M-9 and M-11 under contracts. Besides, a consortium comprising South Korea's Daewoo International (047050.KS), South Korea Gas Corporation, the ONGC Videsh Ltd of India and the Gas Authority of India has also been engaged in gas exploration at block A-1 off Myanmar's western Rakhine coast since 2000. In early 2004, huge natural gas deposit, estimated to yield up to 14 trillion cubic feet (396.2 billion cubic-meters) of gas, was found at the block. Myanmar is planning to sell gas produced from the area to India or China and negotiations are underway to reach formal agreements. Since Myanmar opened its oil and gas sector to foreign investment in 1988, oil companies from a dozen of countries have stepped in. Outstanding investment in the area include the Yadana gas field project in the gulf of Mottama and the Yetagun off the Tanintharyi coast. With three large offshore and 19 onshore oil and gas fields, Myanmar possesses a total of 87 trillion cubic-feet (TCF) or 2.46 trillion cubic-meters (TCM) of gas reserve and 3.2 billion barrels of recoverable crude oil reserve. The figures show that in the fiscal year of 2004-05 which ended in March, Myanmar produced 7.48 million barrels of crude oil and 10.69 billion cubic meters (BCM) of gas. Gas export during the year went to 9.5 BCM, earning over $1 billion. (Source: Xinhua)


 
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