Petronas Myanmar to Explore for Oil
Petronas will invest in both offshore and onshore Crude Oil exploration fields in Myanmar
“We recently received permission from the Myanmar government to explore 2 onshore Oil fields, adding to 4 onshore Oil exploration fields we have now. We estimate that we will be investing US$15-M (Ks 14.6-B) in each of them,” said the company’s general manager, Ahamad Lutpi.
The exploration will begin next year.
For offshore exploration, the Myanmar government allows only a maximum of 3 blocks for each company.
“The offshore exploration’s investment is five times bigger than onshore exploration. We will invest between Ks 200-300-M for each field. Now we are still analyzing and have not yet begun exploration,” added Lutpi.
The Myanmar government is currently applying to become a member of the Extractive Industries Transparency Initiative (EITI).
Petronas Myanmar has been in operations since Y 1990. It was previously owned by the Malaysian government and has more than 46,000 employees. The company also operates the Yetagun Oil and Nat Gas exploration.
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