Yangon Region, Myanmar (Burma)
Myanmar is one of the world's oldest oil producers, having sold its first barrel in 1853. The upstream petroleum sector is fairly underdeveloped after decades of economic sanctions imposed against the country's military regime by the US and European Union. Foreign investment interests in Myanmar's upstream petroleum sector have returned as the new government pursued political and economic reforms following the end of military rule in 2011. The country has an estimated proven oil reserves of 50 million barrels and 10 Tcf of proven natural gas reserves.