Myanmar begins offshore oil & gas block auction

The Myanmar government opened an auction of 30 offshore oil and gas blocks. According to the Agence France-Presse, the auction is expected to attract foreign multinational companies.

Winning bids will be issued full rights for as many as three of the available 19 deepwater blocks. Myanmar no longer requires companies interested in offshore exploration to partner with state oil companies. Winning bids, however, will be required to sign a contract with Myanmar Oil and Gas Enterprise, a state-owned company, according to the report.

So far, oil companies including British Petroleum, Woodside, Shell and Chevron have shown interest in placing bids on the blocks. Bids for the exploration blocks must be submitted by June 14, the article stated.

Myanmar opened 18 onshore blocks for interested bidders in January in order to attract oil and gas companies.

The country is opening back up after a lack of transparency over the last several years. As a result, 12 foreign companies including Total and Chevron started work with local Myanmar firms in 27 existing offshore oil blocks, according to the article.

Visit PennEnergy's research area to learn more about Myanmar oil markets.

The Myanmar government opened an auction of 30 offshore oil and gas blocks.

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