Italy's Eni, following its participation in the competitive International Bid Round launched by the Republic of the Union of Myanmar, signed in Nay Pyi Taw in presence of the Country’s Energy Ministry, two Production Sharing Contracts (PSC) for RSF-5 and PSC-K onshore blocks in Myanmar.
The Joint Venture is between Eni, the Operator with a 90 percent participating interest through Eni Myanmar B.V, and the Myanmar Production and Exploration Company Ltd (10 percent).
Blocks RSF-5 covers an area of 499 square miles (1,292 square kilometers) in the prolific Salin Basin about 310 miles (500 kilometers) north of Yangon, while block PSC-K covers an area of 2,352 square miles (6,558 square kilometers) in the unexplored Pegu Yoma-Sittaung Basin, in the central part of Myanmar.
The exploration period will last 6 years, subdivided in 3 phases.
This agreement marks Eni’s first entry into Myanmar, a rapid expanding economy, and confirms its strategy to reinforce its presence in the South East Asia region, where Eni is already present in China, Vietnam, Indonesia and Timor Leste.
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