Wednesday, October 24, 2012

Burma’s gas exports on track for slight increase

Wednesday, 24 October 2012 12:38 Mizzima News

Burma’s natural gas export income during the previous six months hit almost US$ 1.7 billion and is likely to reach more than $3.5 billion this fiscal year, according to Ministry of Commerce figures.

A natural gas production rig in the Yetagun

“Last year the country received more than $3.46 billion from natural gas exports. It was the highest ever. Every year, the export income in the first half of a year was less than that of the second half. We expect more in the second half of this year,” said an official from Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), in an article posted on the Elevennews website on Tuesday.

World Energy Review 2011 said Burma now ranks No.14 among exporters for natural gas in the world.

Earlier this year, Mizzima reported that official statistics show that foreign investment in Burma’s oil and natural gas sector have now reached $13.81 billion, involving 104 projects as of the end of November 2011, according to an article in the Flower News.

The total oil and natural gas earnings account for 34.18 percent of the country’s earnings, ranking second in the country's foreign investment after electric power.

Natural gas from the Yetagun and Yadana gas blocks mainly account for the gas export earnings. Gas from the Shwe and Zawtika gas blocks will be exported by 2013, according to recent reports.

In the Asia-Pacific region, Burma ranks second behind Indonesia in gas exports, according to the Myanmar Oil and Gas Enterprise (MOGE), the state-own company that controls oil and gas investments.

Burma’s energy exports account for the bulk of the government’s revenue earnings.

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