Myanmar Attracting Many Foreign Firms to Gas Sector

Myanmar is attracting increasing number of foreign companies in the field of offshore oil and gas exploration and production, Xinhua reported citing local media reports.

According to the state-run Myanmar Oil and Gas Enterprise, about 300 new test wells have been set for drilling in the next five years for oil and gas exploration.

At present, there are mainly three offshore natural gas projects in Myanmar -- Yadana, Yetagun and Shwe, of which Yadana is the largest yielding 834 million cubic feet (23.6 million cubic meters) per day, Xinhua said.

With three main large offshore oil and gas fields and 19 onshore ones, Myanmar has proven recoverable reserve of 18. 012 trillion cubic feet (TCF) out of 89.722 TCF's estimated reserve of offshore and onshore gas, experts said.

Foreign investment in Myanmar's oil and gas sector reached $14. 372 billion in 115 projects at the end of February 2013, accounting for 34.14 percent of the country's foreign investment, Xinhua added.