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.
Latest posts by Paul Ebeling (see all)
- Friday’s Technical Analysis: WTI Crude Oil - October 31, 2014
- Friday’s Technical Analysis: Spot Gold - October 31, 2014
- Friday’s Technical Analysis: DJIA (.DJI) - October 31, 2014
- Friday’s Technical Analysis: US Coffee - October 31, 2014
- Forex Daily Technical Analysis: USD, EUR, JPY, GBP - October 31, 2014
Starbucks Corporation (NASDAQ:SBUX) CEO, Howard Schultz, is an ambitious man ... read more
CQG FX? CQG FX provides charting, analytics, and order execution ... read more
Friday's Technical Analysis: Spot Gold Spot Gold closed lower Thursday. ... read more