Offshore E&P Summit Myanmar 2014

Offshore E&P Summit Myanmar 2014
18-19 December 2014, Yangon,Myanmar

Result of Myanmar Offshore Blocks First Bidding Round-2013

The Myanmar Ministry of Energy (MOE) announced the results of the Myanmar Offshore Blocks First Bidding Round – 2013, on 26 March 2014. The round had attracted 64 bids from 36 international E&P companies for the 30 blocks offered. Of the 30 blocks offered, winning bids for 20 blocks were announced. The Petroleum Sharing Contracts (PSC) for the 10 shallow water blocks and 10 deep water blocks will be awarded to the successful bidders upon the finalization of terms between the companies and the Ministry of Energy.

The Myanmar Offshore Blocks First Bidding Round - 2013 was launched on 11 April 2013. A total of 30 offshore areas are offered, 11 shallow water blocks and 19 deep water blocks. Different PSC terms were offered for shallow water and deep water blocks with the key difference being the requirement of local partner participation for shallow water blocks. International companies entering into a Shallow Water PSC would have to work with a local partner, while companies entering a Deep Water PSC could carry out exploration without a local partner due to the high costs and technical expertise required.

Once the PSCs have been signed, the operators would have an 18 month Environmental Impact Assessment and Study Period, after which it would have the option to enter into a 3 year exploration work programme.

Source : http://www.investmed.asia/

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