Tap Oil Ltd. reported has been notified by the Myanmar Ministry of Energy (MOE) of the successful award of a production sharing contract (PSC) for shallow-water Block M07 in the Moattama Basin, offshore Myanmar.
The PSC award is subject to finalization of terms with the MOE; and Tap will hold a 35.625% interest, with Roc Oil Co. Ltd. operating the license on behalf of its joint venture (JV) participants.
The block award includes provisions for the JV to undertake an 18 month environmental impact assessment and study period, following which it has an option to proceed into a three-year exploration work program.
The 5,019-square-mile (13,000-square-kilometer) block is located in the Moattama Basin, Myanmar’s most prolific offshore hydrocarbon province, with existing production from two offshore fields and a third field close to production commencement. Production is typically from stacked Miocene clastic reservoirs.