Chinese-led JV Signs Exploration Contract with Myanmar
Xinhua News Agency
October 22, 2004
A consortium comprising two Chinese and one Singaporean companies reached a production-sharing contract with Myanmar here Thursday on cooperation in oil and natural gas exploration.
Under the contract, signed between the China National Offshore Oil Company (CNOOC) Myanmar Ltd of China, Golden Aaron Pte. Ltd of Singapore, China Huanqiu Contracting and Engineering Corporation as well as state-run Myanma Oil and Gas Enterprise, oil and gas exploration will be carried out at Block M, an onshore block in Kyaukpyu, Myanmar's western Rakhine state.
The onshore block covers about 7,760 square-kilometers.
With 19 onshore and three main large offshore oil and gas fields, Myanmar possesses a total of 87 TCF (2.46 TCM) of gas reserve and 3.2 billion barrels of recoverable crude oil reserve in the country's offshore and onshore areas, according to official statistics.
The statistics also show that Myanmar produced 9.79 BCM of gas and 7.2 million barrels of crude oil in 2003. Gas export during the year went to 6.45 BCM, earning 655 million dollars, while crude oil import worth 27.85 million dollars the same year.
Since Myanmar opened to foreign investment in late 1988, such investment in the sector had reached 2.5 billion dollars as of the end of 2003, the figures also reveal. Foreign oil companies engaged in the oil and gas sector also mainly include those from Britain, Malaysia, Australia, Indonesia and Canada.