Following Eni’s participation in the competitive International Bid Round launched by the Republic of the Union of Myanmar, the company has signed two production sharing contracts (PSCs) for offshore blocks MD-02 and MD-04. The joint venture is between Eni, the operator with an 80% participating interest through Eni Myanmar BV, and PetroVietnam Exploration Production Corp. Ltd. (20%).
MD-2 Block is in the southern part of the Bay of Bengal, in the Rakhine Basin, 84 miles (135 kilometers) from the coast, west of the Yadana field, an offshore discovery in Myanmar. The block covers 3,988 square miles (10,330 square kilometers) in water depths ranging from 1,640 to 7,874 feet (500 to 2,400 meters).
MD-4 Block is in the Moattama-South Andaman Basin, 143 miles (230 kilometers) from the coast, west of the Yetagun gas field. The block covers 2,278 square miles (5,900 square kilometers) in water depths ranging from 4,921 to 7,218 feet (1,500 to 2,200 meters).
The contracts for the two blocks foresee a study period of two years, followed by an exploration period of six years, subdivided into three phases.