YANGON: Myanmar, which currently imports about 97% of its fuel, is trying to strengthen its domestic supply after the Ministry of Electricity and Energy signed an enhanced oil recovery agreement with North Petro-Chem Corporation (Myanmar) Limited for the Htaukshabin–Kanni oil field.
At a signing ceremony in Naypyidaw on April 11, officials said the project was expected to bring immediate benefits by increasing crude output and helping expand domestic fuel production.
The Union Minister said the field, like many others in Myanmar, has been in operation for about 50 years and now needs modern technology, proper equipment, skilled manpower and investment to improve yields. He said the company was selected because it was able to meet those requirements.
As part of a broader push to raise local output, the government has also approved 36 domestic companies to develop standard oil wells, replacing traditional manual drilling, with production expected to begin soon.
Authorities are also seeking to increase oil and gas production, expand refining capacity and upgrade existing facilities, including the Thanlyin refinery built in 1982, in an effort to reduce vulnerability to global supply disruptions. The company said it would honour its commitments and deliver results as quickly as possible. - Eleven Media/ANN
