South Asia-focused Jubilant Energy reported Monday that it has been awarded block number PSC-I by the government of Myanmar under the country's 2011 onshore blocks bidding round.
The award sees Jubilant take a 77.5-percent interest in the block in which it is also the operator. Parami Energy Development Company and Myanma Oil & Gas Enterprise also hold interests in the block.
The PSC-I block is mainly in the Irrawaddy Delta sub-basin and partly in the Pyay Embayment sub-basin of the Central Burma Basin – which is believed to be the most prolific sedimentary basin in Myanmar – where giant fields such as Chauk-Lanywa and Yenangyaung are located. The PSC-I block is also adjacent to the Myanung and Shwepyitha producing fields.
Jubilant expects to complete a work program that will include the reprocessing of historical 2D seismic data, the acquisition of 2D/3D seismic data and drilling operations.
"The Central Burma Basin of Myanmar is rich in oil and gas resources with discoveries and production dating back to 1887," Jubilant CEO Ajay Khandelwal said in a statement.
The award of the PSC-I block marks Jubilant's entry into Myanmar. The company also has a portfolio of nine blocks in India, of which one is a producing field and another is under appraisal and development, as well as a stake in one exploration block in Australia.
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