Petronas Myanmar to Explore for Oil

Posted by: : Paul EbelingPosted on: October 19, 2013 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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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
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