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Consortium Signs 3 Oil Deals With Myanmar

From Associated Press
January 27,2005
link to this article.

A Chinese-Singaporean consortium signed three production-sharing contracts Tuesday with Myanmar's state oil company to explore for oil and gas, state-run media reported Thursday.

The consortium - which signed the contracts Wednesday with state-run Myanmar Oil and Gas Enterprise - comprises China National Offshore Oil Company Myanmar Ltd., China Huanqiu Contracting and Engineering Corp., and Golden Aaron Pte Ltd. of Singapore, reported the Myanma Ahlin daily.

Two onshore blocks, C-1 and C-2, are located in Sagaing Division in the northwestern part of the country, while the M-2 offshore block is in the Gulf of Mottama - also known as the Gulf of Martaban_ along southeastern Myanmar, the newspaper reported.

Terms of the deal were not reported.

The same consortium signed production sharing contracts with Myanmar in October and December last year for oil-and-gas exploration onshore in western Myanmar, off its western Rakhine coast, as well as in the Gulf of Mottama.

The signing of Wednesday's contracts came two weeks after a meeting of energy ministers from Myanmar, India and Bangladesh, at which Myanmar and India signed a memorandum of understanding for cooperation in the petroleum sector.

Myanmar also agreed to export natural gas to India by pipeline through Bangladesh.

Myanmar began allowing foreign investment in 1988 and has deals with Total of France, Unocal of the United States, Petronas of Malaysia, Thailand's PTTEP, and Daewoo of South Korea.

It also has agreements with oil companies from India, Australia, Canada and Indonesia.

A Korean-Indian consortium announced last year it discovered an estimated 119 billion to 164 billion cubic meters (4.2 trillion-5.8 trillion cubic feet) of gas deposits off the Rakhine coast.

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