Chevron signs PSC for Block A5 in Rakhine Basin offshore Myanmar

Chevron Corp.’s subsidiary, Unocal Myanmar Offshore Co. Ltd., has entered into a production sharing contract (PSC) with Myanma Oil & Gas Enterprise (MOGE), the national oil and gas company, to explore for oil and gas in the Rakhine Basin.

The new PSC area, Block A5, lies 125 miles (200 kilometers) offshore northwest of Yangon, and covers more than 2.6 million acres (10,600 square kilometers). Unocal Myanmar Offshore Co. Ltd. will be the operator of the block with a 99% interest. Royal Marine Engineering Co. Ltd. (RME), a Myanmar company, will hold the remaining interest in the block.

In addition to Block A5, Chevron has a 28.3% non-operated interest in a PSC for the production of natural gas from the Yadana and Sein fields, within blocks M5 and M6, in the Andaman Sea. The company also has a 28.3% non-operated interest in a pipeline company that transports most of the natural gas to the Myanmar-Thailand boarder for delivery to power plants in Thailand. The remaining volumes are dedicated to the Myanmar market.

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