Myanmar to improve petroleum recovery with foreign, local companies
Source: Time:
Under contracts initiated in Nay Pyi Taw between the government 's Myanmar Oil and Gas Enterprise (MOGE) and MPRL E and P Pte Ltd, based in British Virgin Islands, and Myanmar Petroleum Exploration and Production Company, the tasks of improved petroleum recovery is to be implemented on two onshore blocks in Pyay and Myanaung out of 16 inland blocks.
The oil companies are to conduct the environmental impact assessment (EIA) and social impact assessment (SIA) in the respective blocks and cooperate with local authorities for development of the regions, the report said.
In October 2013, 10 foreign companies out of 78 respectively from Britain, Brunei, Canada, India, Italy, Luxembourg, Malaysia, Pakistan, Russia and Thailand won tender for oil and gas exploration at 16 onshore blocks in Myanmar.
According to official statistics, foreign investment in the oil and gas sector amounted to 14.372 billion U.S. dollars in 115 projects as of June 2014, accounting for 30.76 percent of the total and standing the second sectorally in Myanmar's foreign investment line-up after electric power.
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