Myanmar offers 18 offshore oil blocks
(01-17 16:02)
Myanmar opened up a major portion of its onshore oil blocks for bids, a move likely to see a surge in interest from Western companies after the removal of sanctions.
A notice published in the state-run English-language New Light of Myanmar newspaper said 18 blocks were up for grabs in deals that would invite partnering with state energy companies, including Myanma Oil and Gas Enterprise, AFP reports.
According to the MOGE website, the sites available for exploration would represent more than a third of the country's estimated 50 onshore blocks.
The tender would be the first since 2011.
Research firm IHS Global Insight has put Myanmar among the world's top five potential oil and gas exploration and production hotspots.
IHS economist Rajiv Biswas said Western oil companies “have shown considerable interest in participating’’ in the tender.
Myanmar's oil and gas industry accounts for some 34 percent of total exports, according to IHS.
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