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Foreign investments increase for Myanmar's oil and gas exploration
Publication Date : 15-10-2013
Foreign investment in Myanmar’s oil and natural gas sector now exceeds US$ 14 billion and 18 inland plots have already been approved for 10 foreign countries, according to the Ministry of Energy.
Among the 10 countries, India, Italy, Pakistan, British Virgin Islands, Malaysia and Canada will each invest in two plots. The other countries are Brunei, Luxembourg, Russia, and Thailand.
The Myanmar Investment Commission granted permission to nine foreign firms, including Thailand-based PTTEP, to explore oil and gas in Bago, Magway, Mandalay and Ayeyawady regions in March and May last year.
At present, companies from Indonesia, China, British Virgin Islands, India, Singapore and Russia are operating in inland plots in Myanmar. As well, 22 foreign firms are running in offshore plots, according to Ministry of Energy reports.
Myanmar’s earnings from oil and natural gas exports amounted to more than $2.52 billion in 2010-2011, more than $3.4 million in 2011-2012, and more than $1.64 million in 2012-2013 fiscal years.
In the Asia-Pacific region, Myanmar places second only to Indonesia for natural gas exports.