About 20 companies drop out of Myanmar offshore exploration licensing round

About 20 companies drop out of Myanmar offshore exploration licensing round Out of the more than 60 companies that originally submitted letters of intent to bid for oil and gas blocks offshore Myanmar, only 40 companies actually submitted applications by the Nov. 15 deadline, Reuters reported.

Myanmar was accepting bids for 11 shallow offshore blocks and 19 deep sea ones, the source said. The foreign companies that develop the deep sea areas can do so on their own because few local companies have experience drilling in deep waters. However, those working in the shallow water blocks will have to work with local partners.

Myanmar offers a first round of bidding for the offshore oil and gas areas in April, during which Royal Dutch Shell Plc, Chevron, Exxon Mobil, ConocoPhillips, Total SA and PTT Exploration and Production were among the 79 companies who had their project bids accepted. Malaysia's own Petroliam Nasional BHD (Petronas) was also selected, Reuters reported.

Additional rounds of bids are expected in 2014 and 2015, Upstream reported. Nineteen onshore blocks and two offshore blocks remain open and will be included in future licensing rounds.

PennEnergy's research area offers more information on offshore oil drilling.

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