Under the production sharing contract, signed among state-run Myanmar Oil and Gas Enterprise, Singapore's Istech Energy EP-5 Pte Ltd and Myanmar private-owned Smart Technical Services Limited, exploration will be made onshore at block EP-5 in Inpin Tegyigon area.
It is the 6th contract of its kind reached after Myanmar's Energy Ministry invited international tenders for exploration on 18 inland blocks a year ago.
The 5th contract was reached on EP-2 Block exploration in Aunglan region and PSCG Block in Taungdwingyi.
Foreign companies have long been engaged in Myanmar's 49 inland blocks and 26 offshore blocks in Mon, Taninthayi and Rakhine regions or states since Y 1988.
They include firms from Australia, Britain, Canada, China, Indonesia, India, South Korea, Malaysia, Russia, Singapore, Thailand and Vietnam.
Myanmar has abundant Nat Gas resources especially in the offshore areas. With 3 main large offshore Oil and Gas fields and 19 onshore ones, Myanmar has proven recoverable reserve of 18. 012 trillion cubic feet (TCF) out of 89.722 TCF's estimated reserve of offshore and onshore Nat Gas, experts said.
The country is also estimated to have 3.2-B bbls of recoverable Crude Oil reserve, official statistics indicate.
Myanmar's Nat Gas export fetched US$2.947-B in the first 11 months of F-Y 2011-12, up about US$424.77 from US$2.522-B in F-Y 2010-11, according to official numbers.
The numbers reveal that foreign investment in Myanmar's Oil and Gas sector had reached US$13.815-B in 104 projects as of the end of November, 2011, accounting for 34.18% and standing the 2nd in the country's foreign investment sectorally after electric power.
Other figures show that in F-Y 2009-10, Myanmar produced nearly 7-M bbls of Crude Oil and over 400-B cubic feet Nat Gas.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.