LONDON – By the end of 2015, the Myanmar government plans to further open up its oil and gas sector with the release of 15 exploration blocks.
Four companies – Oil India Ltd., Mercator Petroleum Ltd., Oilmax Energy Pvt Ltd., and Ophir Energy – have entered into production sharing contracts with the Myanmar Oil & Gas Enterprise (MOGE), according to the Global Post. The companies will explore for oil and gas in the Mottama M-4 block and Taninthayi offshore YEB block. Ophir Energy will partner with Parami Energy Development Ltd. for offshore block AD-03.
Last year, Myanmar updated its Foreign Investment Law, stipulating that companies acquiring offshore blocks are not required to incorporate a local partner into their operations, but that companies acquiring onshore blocks must operate with a local partner company.