Arab Today, arab today energy giants win myanmar offshore oil and gas blocks
Last Updated : GMT 05:49:56
Arab Today, arab today
Arab Today, arab today

Energy giants win Myanmar offshore oil and gas blocks

Arab Today, arab today

Arab Today, arab today Energy giants win Myanmar offshore oil and gas blocks

Yangon - AFP

Myanmar named energy giants Chevron, Shell and Total among the winners Wednesday of a landmark auction of offshore oil and gas exploration rights, pinning hope on its natural resources to drive economic growth. The country, left impoverished by nearly five decades of isolation under military rule, has been the subject of feverish interest by energy firms eager to get a share of its untapped energy potential since the removal of most international sanctions in 2012. Myanmar's energy ministry said a total of 68 companies from across the world originally expressed interest in the auction, which was launched in April 2013, with 30 firms eventually submitting proposals. The companies named Wednesday also included US giants Chevron and ConocoPhillips, Norway's Statoil and Britain's BG. A total of 30 offshore blocks were originally up for auction and it is unclear when the remaining 10 sites will be awarded. The ministry said it would receive $226.1 million as a "signature bonus" from the firms once exploration begins on the 10 shallow water and 10 deep water blocks. "This amount is the largest we have received in history" the ministry said in a statement. Despite the excitement over Myanmar's oil and gas potential, there is little data on the extent of the country's reserves. International bidders on the shallow water blocks are required to partner with the local companies, but those taking on the deep water areas are permitted to have full exploration rights due to the high cost and technical skills required. The arrangement is a first in the sector, which was tightly controlled under an opaque and corrupt regime during junta rule.      Bidders will, however, be required to enter into a production sharing contract with the state-owned Myanma Oil and Gas Enterprise (MOGE). MOGE has come under fire in the past from opposition leader Aung San Suu Kyi among others for lacking transparency, and the government has pledged openness in an effort to reassure investors over corruption concerns. Several foreign companies have already partnered with local firms in existing offshore blocks, including Total and Chevron who entered before sanctions were imposed.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today energy giants win myanmar offshore oil and gas blocks Arab Today, arab today energy giants win myanmar offshore oil and gas blocks

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today energy giants win myanmar offshore oil and gas blocks Arab Today, arab today energy giants win myanmar offshore oil and gas blocks

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday