Myanmar, Thailand launch joint offshore Min Ye Thu Project
360
Phyo (NP News)- June 5
The State Administration Council (SAC) announced on May 30 that the Ministry of Energy, Myanma Oil and Gas Enterprise, and Gulf Petroleum Myanmar Co., Ltd., a Thai-owned company based in Myanmar have signed a Production Sharing Contract (PSC) for oil and natural gas exploration, drilling, production, and utilization in the Mottama Offshore Block (M-10) under the Project.
A Production Sharing Contract (PSC) was signed in Naypyidaw on May 29 between GPM and Ministry of Energy.
It is also the first offshore project implemented during the SAC era.
Energy Minister U Ko Ko Lwin said that “The implementation of this project will bring benefits such as increased investment in the fisheries sector, increased foreign exchange earnings, the creation of local job opportunities, and the ability to meet domestic oil and natural gas demand.”
He also stated that “The country has sufficient natural gas reserves and that it needs to be systematically extracted and utilized. The current large offshore projects are experiencing a natural decline in production and the completion of the projects is approaching. Therefore, plans are being made to explore, drill and produce oil and natural gas in blocks with good potential.”
It is reported that, as of now, the State has been implementing four major offshore projects—Yadanar, Yetakun, Zawtika, and Shwe Kanlun—for oil and natural gas exploration, drilling, and production. In addition, two more major offshore projects are currently underway for further exploration and development. This brings the total number of major offshore projects to six. With the inclusion of the Mottama Offshore Block (M-10), it becomes the country's seventh major offshore project.