LONDON – By the end of 2015, the Myanmar government plans to further open up its oil and gas sector with the release of 15 exploration blocks.
Four companies –Oil India Ltd., Mercator Petroleum Ltd., Oilmax Energy Pvt Ltd., and Ophir Energy – have entered into production sharing contracts with the Myanmar Oil & Gas Enterprise (MOGE), according to the Global Post. The companies will explore for oil and gas in the Mottama M-4 block and Taninthayi offshore YEB block. Ophir Energy will partner with Parami Energy Development Ltd. for offshore block AD-03.
Last year, Myanmar updated itsForeign Investment Law, stipulating that companies acquiring offshore blocks are not required to incorporate a local partner into their operations, but that companies acquiring onshore blocks must operate with a local partner company.