Myanmar, Canadian companies to jointly conduct inland oil exploration

YANGON (Xinhua) - Myanmar's state oil and gas enterprise will jointly conduct inland crude oil exploration in the country with two Canadian companies on production sharing basis, according to the Myanmar enterprise Sunday.

Under the contract signed between the Myanmar Oil and Gas Enterprise (MOGE) and the Pacific Hunt Energy Corporation and Young Investment Group of Canada in Nay Pyi Taw, the oil exploration will be done at inland oil blocks in Indaw-Yanan and Taungoo-Pyinmana areas in central part of the country.

In July, the MOGE had initiated contracts with British Virgin Islands-based MPRL E and P Pte Ltd and Myanmar Petroleum Exploration and Production Company to carry out  improved petroleum recovery projects at two inland blocks in Pyay and Myanaung.

All foreign oil companies are set to conduct environmental impact assessment (EIA) and social impact assessment (SIA) in their respective blocks and cooperate with local authorities for development of the regions.

In October 2013, 10 foreign companies out of 78 respectively from Britain, Brunei, Canada, India, Italy, Luxembourg, Malaysia, Pakistan, Russia and Thailand won tender for oil and gas exploration  at 16 onshore blocks in Myanmar.

According to official statistics, foreign investment in Myanmar 's oil and gas sector amounted to $14.37 billion in 115 projects as of June 2014, accounting for 30.76 percent of the total foreign investment and standing the second sectorally in Myanmar's foreign investment line-up after electric power.