Unocal Myanmar Offshore Co. Ltd., the Myanmar subsidiary of Chevron Corp. (NYSE: CVX) has been granted exploration rights in a block located offshore Myanmar, in the Rakhine basin.
Block A5, which spans more than 2.6 million acres (10,600 sq. km), is located approximately 125 miles (200 km) northwest of Yangon. Unocal Myanmar Offshore Co., Ltd. will be the operator of the block with a 99% interest. Royal Marine Engineering (RME), a Myanmar-based company, will hold the remaining interest in the block.
Chevron subsidiaries hold a 28.3% non-operated working interest in a production sharing contract for the production of natural gas from the Yadana and Sein fields within Block M5 and M6 in the Andaman Sea. The company also has a 28.3% non-operated interest in a pipeline company that transports the natural gas from Yadana to the Myanmar-Thailand border for delivery to power plants in Thailand.