Wednesday, April 25, 2012

Burma’s gas export revenue increases

Wednesday, 25 April 2012 12:56 Mizzima News

(Mizzima) – Burma’s natural gas exports jumped to US$ 3.563 billion in fiscal year 2011-12.

A natural gas production rig in the Yetagun Field (Marinerthai)

The total figure was up $640 million from $2.92 billion in 2009-10, local media reported on Tuesday.

Natural gas from the Yetagun and Yadana gas blocks mainly accounted for the export earnings. Gas from the Shwe and Zawtika gas blocks will be exported by 2013, said Weekly Eleven News.

Foreign investment in the oil and gas sectors reached $13.815 billion in 104 projects as of the end of November, 2011, accounting for 34 percent and ranking second in the country's foreign investment sectors after electric power, mostly destined for China.

The Energy Ministry has granted permits to seven national-controlled companies to do joint venture business with international oil companies in nine out of 18 blocks and two contracts have been signed, according to the earlier press reports.

International oil companies now doing business in Burma include companies from  Indonesia, Thailand, France, Malaysia, Russia, China and India.

Since 1988, foreign companies have long been engaged in 49 inland blocks and 26 offshore ones in Mon, Taninthayi and Rakhine regions.

These companies include those from Australia, Britain, Canada, China, Indonesia, India, South Korea, Malaysia, Russia, Singapore, Thailand and Vietnam.

Burma is estimated to possess 3.2 billion barrels of recoverable crude oil reserve, according to official statistics.

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