The oil and gas sector comprised US$670 million (about K670 billion), or nearly a third, of foreign investment totaling US$2.443 billion ap- proved in August, show figures from the Directorate of Investment and Companies Administration.
The oil and gas sector induded 13 of the 48 companies with investments ap- proved last month, DICA said.
The August figure brought the total amount of foreign investment in oil and gas, since President U Thein Sein took office in 2011, to $10 billion, the figures show.
Approved foreign investment from the start of the fiscal year on April 1 to the end of August was $3.183 billion, over half of the $5 billion targeted for the 2014-2015 fiscal year, DICA said on September 14.
Myanmar’s Ministry of Energy and state-owned Myanma Oil & Gas Enterprise (MOGE) have been successful in increase up interest in oil and gas exploration in the country following recent political reforms. Myanmar resources are es- timated at 50 million bbl of oil and 283.3 billion cu m of natural gas, and the country has seen very limited exploration.
In the offshore, Total E&P Myanmar, Petronas Carigali Myanmar, Daewoo, PTT-EP, China National Offshore Oil Corporation (CNOOC), China National Petrochemical Corporation (CNPC), Essar, GAIL, Malaysia’s Rimbunam, In- dia’s ONGC, Silver Wave Energy, Australia’s Danford Equities and Russia’s Sun Itera Oil & Gas are exploring and developing 31 blocks.
