20 offshore oil fields up for bids
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The Energy Ministry will seek an international tender for more than 20 offshore oil and natural gas fields in April, senior ministry official Htay Aung said. "The tender for offshore fields will be called soon after March 19, which is the final date for i
Foreign companies can create joint ventures with local companies for oil and natural gas fields on soil, but can directly invest in offshore oil and natural gas explorations.
US-based multinational energy corporations such as Chevron, Exxon Mobil and ConocoPhillips have shown interest in these offshore explorations.
Since the United States and European lifted sanctions on Myanmar, the international community has shown interest in preparing to invest in profitable sectors. Many foreign firms are studying the Myanmar Foreign Investment Law, taxation, labour affairs as well as rules and regulations about investing in oil and natural gas sectors. Myanmar currently has two offshore exploration projects, Yatanar and Yetagun, that have received foreign investment. Chevron’s Unocal Corp has bought a 28.26 per cent shareholding in the Yatanar offshore exploration.
Myanmar is also planning to export natural gas from Zawtika and Shwe natural gas fields to China and Thailand this year, as well as saving some resources for future use.
Furthermore, income from oil and natural gas export has been more than US$3.46 billion (Bt102.5 billion) in the 2011-2012 fiscal years and Myanmar has earned about $3 billion in this fiscal year, according to sources.
