Burma to close exploration tender on August 23

28-Jul-2011 Intellasia | Market Watch | 7:01 AM Print This Post

Myanmar will continue taking bids from foreign companies to explore for oil and gas in the interior of the country until August 23, with the tender to stay open 20 days longer than previously announced, a senior government official said Tuesday.

Htim Aung, the director general of the energy ministry’s Energy Planning Department, didn’t give a reason for the deferred tender closing from the original August 3.

Myanmar has invited bids to explore 18 onshore blocks scattered across six regions and states, mostly in central areas.

Each company can bid on up to three blocks for exploration, subject to the approval of Myanmar authorities, the official said.

According to Myanma Oil and Gas Enterprise, which regulates the country’s upstream oil and gas sector, Myanmar had proven onshore and offshore crude-oil reserves of 112 million barrels and 101 million barrels, respectively, as of April 1, 2008.

Proven onshore and offshore natural gas reserves totalled 0.46 trillion cubic feet and 17 trillion cubic feet, respectively.

Many Western countries have banned investments in Myanmar due to international economic sanctions imposed due to the military regime’s human rights abuses.-By Cheang Chee

http://www.marketwatch.com/story/myanmar-to-close-exploration-tender-on-aug-23-2011-07-26

 


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