YANGON: On May 29, the Myanmar Oil and Gas Enterprise under the Ministry of Energy, and Gulf Petroleum Myanmar Co., Ltd., a Myanmar-based Thai-owned company, signed a Production Sharing Contract (PSC) to explore, drill, produce and exploit oil and gas in Mottama offshore block (M-10) (Min Ye Thu project) at the office of the Ministry of Energy, Nay Pyi Taw.
The ceremony was attended by Union Minister, Deputy Minister, Director General of the Union Cabinet, Directors General and Managing Directors of Departments, Heads of Departments, and officials from Gulf Petroleum Myanmar Co., Ltd.
Union Minister U Ko Ko Lwin said that the Ministry of Energy is committed to exploring, drilling, producing and exploiting oil and gas in order to meet the country’s energy needs and increase national revenue.
We are continuously working to increase production," he said. "Most countries in the world still rely on natural gas, which is a clean energy source."
The demand for natural gas has increased significantly, he added. "Our country has sufficient natural gas reserves and needs to systematically extract and use them. The current large offshore projects are naturally decreasing in production and the completion of the projects is approaching."
Therefore, Myanmar plans to explore, drill and produce oil and natural gas in blocks with good potential. The Mottama Offshore Block M-10 will provide benefits such as increased investment in oil and natural gas exploration, drilling and production, increased foreign exchange earnings, creation of local job opportunities, and meeting the domestic demand for oil and natural gas from one source, he predicted.
He urged the respective parties to work hard to achieve the project target of producing first natural gas by 2028, and thanked all the related ministries, staff from Gulf Petroleum Myanmar Co., Ltd. and the Ministry of Energy for their cooperation in signing the contract.
The state currently has four major offshore projects, namely Yadana, Yetagun, Zawtika, and Shwe, which are currently exploring, drilling, and producing oil and natural gas, and two more offshore projects that are currently exploring, drilling, and producing.
There are a total of six major offshore projects, so the Mottama Offshore Block M-10 is the seventh major offshore project of the country and the first offshore project to be implemented under the State Administration Council. - Eleven Media/ANN
