Chevron unit inks Myanmar PSC for Rakhine basin exploration

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

The new PSC area, Block A5, lies 125 miles offshore northwest of Yangon and covers more than 2.6 million acres. Unocal Myanmar will operate the block with 99% interest. Myanmar-based Royal Marine Engineering Co. Ltd. (RME) will hold the remaining interest.

Myanmar’s Ministry of Energy awarded the block to Chevron a year ago (OGJ Online, Mar. 26, 2014).

In addition to Block A5, Chevron has 28.3% nonoperated interest in a natural gas PSC from Yadana and Sein fields in Blocks M5 and M6 in the Andaman Sea.

The company also has 28.3% nonoperated 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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