Foreign companies interested in Myanmar offshore oil exploration

Myanmar

Myanmar has offered 18 onshore oil and natural gas exploration blocks to foreign energy companies, but many are more interested in the country's offshore developments, Dow Jones reported.

These offshore blocks are expected to be more lucrative, the source stated, and western oil producers will continue to wait until the Myanmar government offers offshore leases to bid for exploration rights in the country.

"My sense is that the big players will probably skip this one and wait for the offshore blocks to come on offer," said Richard Nelson, a Singapore-based partner of a law firm who advises large international oil companies on Myanmar, according to the article. "We have clients who are keen to get more detail on the deep-water offshore blocks. That's where the big interest is."

The Agence France Presse said the onshore leases that are available in Myanmar represent a third of all blocks available in the country. A company will be able to bid for up to three blocks at a time. The source reported Myanmar is among the top five potential oil and gas exploration and production sites in the world.

More information on oil and gas exploration in Myanmar is available at PennEnergy's research area.

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