Oil and Gas Exploration
Myanmar has awarded contracts to Statoil and ConocoPhillips for oil and gas exploration in a deepwater offshore block, the official Kyemon Daily reported on Sunday.
The Myanmar newspaper said the two companies’ regional subsidiaries – Singapore-registered Statoil Myanmar Private Ltd and ConocoPhillips Myanmar E&P Pte. Ltd. – agreed to invest $323 million in oil and gas exploration in Deepsea Block AD.10, off Myanmar’s western Rakhine coast.
Under the contracts, signed last week, production sharing agreements would span eight years. The companies will have to undertake environmental impact studies first, the media report stated.