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Singapore company plans to expand petroleum exploration in Myanmar

by August 17, 2017 General

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YANGON, Aug. 17 (Xinhua) — A Singapore-based company, Interra Resources Ltd, is negotiating with Myanmar’s energy authorities to win an 11-year deal for expanding petroleum resources exploration and development in two oil fields, official media reported Thursday.

The expansion project, which covers 1,800 square km, will be carried out in Chauk and Yenangyaung oil fields in central Myanmar.

The extension agreement with the Myanmar Oil and Gas Enterprise (MOGE) is expected to be signed later this month.

According to the Singapore company, in the first quarter of 2017, it generated a combined sharable production of over 70,000 barrels of oil from the two fields and the prospective 2017 agreement will allow the company to expand its operation to meet Myanmar’s economic development potential and increasing energy demand.

According to official statistics, Singapore’s investment in Myanmar reached 17.495 billion U.S. dollars as of June 2017 since late 1988, ranking the second after China in foreign investors’ line-up.