Raisama Energy disclosed Thursday that it has entered into a formal alliance agreement with Chinthe Energy, a local company with resources expertize, to pursue oil and gas projects in Myanmar.
Raisama said in a statement that over a period of six months, including visits to Myanmar, the company has developed a working relationship with Chinthe and agreed principles which align the fortunes of each company toward success.
Myanmar Oil and Gas Enterprise, which regulates the upstream oil and gas sector on behalf of the Ministry of Energy, has announced the next round of new gazettal's for March 2013.
"Raisama and Chinthe intend to evaluate and, if deemed appropriate, to participate in this round which includes both new blocks and also existing field rejuvenation opportunities," Raisama noted in its disclosure.
"The alliance with Chinthe is important for Raisama as it heralds the opening of a new jurisdiction to complement our projects in the Philippines and Indonesia. Myanmar is highly prospective for oil and gas as recognized by both large and small players and exemplified by Woodside's recent investment. As we did in Indonesia and the Philippines, Raisama has sought out best of class partners which are fully engaged and aligned to our own success. This allows the management team to effectively manage our interests across the region without the usual high overhead costs and continue to grow the Company in accordance with our stated strategy," Raisama's Managing Director Jeff Steketee said in a statement.
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