London-listed oil explorer Jubilant Energy has won an onland exploration block in Myanmar, the agreement for which was signed here today.
“Jubilant Energy (was) awarded block no. PSC-I under the Myanmar onshore blocks bidding round in 2011,” the company said in a release.
The production sharing contract for the block was signed between Jubilant, Parami Energy Development Co and Myanmar’s state-owned Myanma Oil & Gas Enterprise.
Jubilant holds 77.5 percent participating interest in this block through its subsidiary Jubilant Oil & Gas Pvt Ltd, and will be the operator of the block.
The India-focused energy company had bid for two blocks in the auction last year but was awarded one.
Myanmar awarded 10 onshore oil and gas blocks in its biggest energy tender in years.
Parami Energy Development Company Ltd holds the remaining 22.5 percent participating interest in this block.
The block covers an area of about 3600 sq km and is located about 125 kms north west of Yangon City.
“Jubilant will utilise its in-house expertise as operator of our Tripura, Manipur and Assam blocks, which are geological and tectonically similar in setup to our newly awarded block,” company Chief executive Ajay Khandelwal said describing the Myanmar block as “highly prospective acreage”.
“The Central Burma basin of Myanmar is rich in oil and gas resources with discoveries and production dating back to 1887 and the early 90′s,” he said.
Jubilant Energy is part of the New Delhi-based Jubilant Bhartia group that controls drugmaker Jubilant Life Sciences, agrochemicals maker Jubilant Industries and restaurant chain Jubilant FoodWorks.
Jubilant Energy, which listed in London in November 2010, currently holds a portfolio of nine blocks in India and an exploration block in Australia.