Myanmar Faces Challenges Developing its Upstream Assets
Among IOCs, Royal Dutch Shell plc, in partnership with Mitsui Oil Exploration Co. Ltd. (MOECO), clinched the most deepwater blocks, namely AD-9, AD-11 and MD-5. Blocks MD-2 and MD-4 were awarded to Italy’s Eni S.p.A. and Vietnam’s PetroVietnam Exploration and Production Corp. Ltd., while the BG Group plc-Woodside Petroleum Ltd. consortium were selected for Blocks AD-2 and AD-5.
The other deepwater block winners were the joint ventures between Statoil ASA and ConocoPhillips Co., Total S.A. and Smart E&P International, Ltd. as well as Ophir Energy Plc and Parimi Energy Development Co., Ltd.
Four of the shallow water blocks – M4, M-17, M-18 and YEB – were awarded to India-based companies, including Reliance Industries Ltd and Oil India Ltd, while the BG-Woodside joint venture was allocated Blocks A-4 and A-7 and Chevron Corp. got Block A-5.
Only one of the 11 shallow water blocks, M-16, was not awarded in the tender, while the Ministry of Energy did not award nine of the 19 deepwater blocks available for the bidding exercise. These include: AD-4; AD-12; AD-13; AD-14; AD-15; AD-16; MD-1; MD-3; MD-6.
Following the award announcement, the Myanmar authorities commenced discussions with the companies regarding signing of production sharing contracts for the blocks, which is expected to be completed in early May.
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