Myanmar’s state-owned Myanma Oil and Gas Enterprise (M.O.G.E.) has signed a production sharing contract (PSC) with Gulf Petroleum Myanmar, a Thai-owned company based in Myanmar, for an offshore oil and gas block in the country’s Gulf of Mottama.
As disclosed by the country’s Ministry of Energy, the PSC was signed for the exploration, development, production, and exploitation of oil and gas at the offshore block M-10 , known as the Min Ye Thu project.
The M-10 is described as the country’s seventh offshore project. As for the remaining six, the Ministry disclosed that oil and natural gas exploration, drilling, and production activities are underway in Yadana, Yetagun, Zawtika, and Shwe .
The signing ceremony, taking place on May 29, was attended by several high-ranking officials from various ministries and departments, as well as members of Gulf Petroleum Myanmar.
In the opening remarks delivered at the signing ceremony, Union Minister for Energy U Ko Ko Lwin said the Ministry of Energy is continuously working to explore, drill, and produce oil and natural gas to meet the country’s energy needs and increase the country’s revenue.
The Minister pointed out that Myanmar has sufficient natural gas reserves and needs to systematically extract and use them. Since the current large offshore projects are naturally decreasing in production, and the completion of the projects is approaching, plans are being made to explore, drill, and produce oil and natural gas in blocks that are said to have good potential.
The M-10 project is expected to bring increased investment in production, foreign exchange earnings, create local job opportunities, and meet the domestic oil and gas demand. According to the Minister, the first natural gas production is targeted for 2028.
Southeast Asia has been bustling with oil and gas developments lately. In late May, Canada’s Valeura Energy completed a multi-well drilling campaign in the Gulf of Thailand, making several discoveries.
The Canadian player also took a final investment decision (FID) for the redevelopment of the Wassana field in license G10/48 off Thailand.