Tuesday, September 09, 2008

Oil: Russia and Burma join forces to explore new oil and gas fields

A Burmese oil company is to join forces with a Russian company to explore oil and gas in two onshore areas in Burma.

The state-run newspaper New Light of Myanmar reports that according to a production sharing contract signed last weekend between the state-operated Myanmar Oil and Gas Enterprise (MOGE) and the Closed Joint Stock Oil Company "Nobel Oil" of the Russian Federation, the exploration will be done in Hukaung and U-ru regions.

Three other Russian oil companies have been engaged in oil and gas exploration in Myanmar under respective contracts since 2006. There has been seven foreign companies operating onshore, including Essar Oil Ltd, Focus Energy Ltd, MPRL Exploration and Production Private Ltd, Goldpetrol, CNOOC, Sinopec Oil Company and Chinerry Assests, according to statistics.

Currently, 13 foreign oil companies, mainly from Australia, Britain, Canada, China, Indonesia, India, South Korea, Malaysia, Thailand and Russia, are involved in oil and gas projects in Myanmar, according to official sources.
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Published by Mike Hitchen, Mike Hitchen Consulting