Thursday, February 21, 2013

Australian energy firm stakes claim in Myanmar

Thursday, 21 February 2013 11:46 Mizzima News

Australian firm Raisama Energy announced on Thursday, February 21, that it is poised to enter the Myanmar market following the signing of a partnership agreement with local company Chinthe Energy Ltd.

Raisama said it will source opportunities for oil and gas exploration in Myanmar as part of its policy of extending the firm’s networks across the Asia-Pacific where it also has stakes in Indonesia and the Philippines.

“Myanmar is a highly prospective jurisdiction for hydrocarbons which has lacked substantial investment in recent times due to the prevailing political environment,” the Australian company said. “Recent steps toward a full democracy and open society have stimulated investor interest.”

The firm attributed the “stimulated investor interest” to an easing of sanctions by the USA, but noted that as American companies are still restricted from conducting full business operations in Myanmar, Australian companies are provided the opportunity to “be ahead of the investment curve.”

The company announced that preparations for the next round of bidding for new blocks is due in March, and that “Raisama and Chinthe intend to evaluate and, if deemed appropriate, to participate in this round which includes both new blocks and also existing field rejuvenation opportunities.”
Related articles:
  1. Australia lifts remaining sanctions
  2. Thailand’s PTTEP eyes greater oil exploration in Burma
  3. Chinese energy firm to expand exploration

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