Statoil, Conoco Phillips win deep-sea contracts
International oil majors Statoil and ConocoPhillips were last week awarded contracts for oil and gas exploration in a deepwater offshore block, the official Kyemon Daily said on Sunday.
The newspaper said the two companies' regional subsidiaries - Singapore-registered Statoil Myanmar Private Ltd and ConocoPhillips Myanmar E&P Pte Ltd - agreed to invest US$323 million in oil and gas exploration in Deepsea Block AD 10, off Myanmar's western Rakhine coast.
The production sharing agreements would span eight years. The companies will have to undertake environmental impact studies first, the newspaper said.
Last year, Myanmar awarded exploration rights to the two companies, as well as to Royal Dutch Shell and Total, for 10 shallow-water blocks and 10 deepwater blocks.
In the 2014-15 fiscal year, Myanmar attracted foreign direct investment totalling $8 billion, of which more than 35 per cent was generated by the energy sector, according to Myanmar Investment Commission.
