Bid to raise Yadana oil rig
The Yadana rigs, one of the main oil and gas projects of Myanmar, recently submerged slightly into the sea.
“We are working to repair the two platforms of Yadana project. We need to raise the platforms. We need to do it urgently,” said Namita Shah, general manager of Total E&P Co Ltd (Yangon branch).
Myanmar has been exporting natural gas from the Yadana project to Thailand since 1998, and it has contracted to sell the gas until 2028. The project can generate 700 to 900 million cubic feet of natural gas, and 75 per cent of the gas is exported while 25 per cent is set aside for local use.
“In 2012, 580 million cubic feet of natural gas from the project have been exported so far, while 180-190 million cubic feet were consumed locally,” said Min Nyo, project manager of Total E&P.
Total holds a 31.24 per cent stake in the project, followed by Unocal's 28.26 per cent, PTT Exploration and Production's 25.50 per cent and Ministry of Oil & Gas Enterprise's 15 per cent.
Total investment in the project amounts to 1.3 billion kyats (US$1.55 million). The contract on sharing proportion of the manufactured gas was made between Myanmar and Thailand in 1992. The project managed to start exporting gas in 1998, and it reached break-even in fiscal year 2003-2004.
Myanmar is exporting natural gas produced from Yadana Project and Yetagun Project to Thailand. In 2013, the gas from Zawtika Project will also be exported to Thailand.
Since 2000, Myanmar has been at the top in the Asia-Pacific region for export of natural gas with gas pipelines to other countries. It is also among the top-20 natural gas exporters around the world.
